National Assembly creates master plan on capital market

Edwin Akwueh, Abuja

The National Assembly joint Committee on Capital Market says it has created a Master Plan for the Capital market as part of measures to boost the Nigerian economy. The legislators say the action is in response to the decline in revenue which continues to bite harder on the Federal and state governments.

Chairman of the Senate Committee on Capital Market, Senator Isiaka Adeleke, who announced this at a press briefing on Wednesday in Abuja, said the essence of the master plan is to provide a platform for facilitating access to long term funds needed for manufacturing and other capital intensive business ventures.

Senator Adeleke said details of the master plan would be unveiled next week as capital market stakeholders converge on Abuja to brainstorm on the initiative. According to him, “the National Assembly will focus its legislative work in making and amending relevant laws to ensure that enough money is raised from the capital market for infrastructure development and other critical projects,” he stated.

The Vice Chairman of the committee, Senator Foster Ogola, identified ignorance and fear of public scrutiny, as some of the reasons that companies had neglected the Capital Market. He said some company CEOs and Board Chairmen are unaware of idle funds that could be utilized to grow their businesses, stressing that the new master plan would help to address the situation.

FCT/ NDDC Budget

In another development, the Senate in plenary on Wednesday, received the 2016 budget proposals for the Niger Delta Development Commission (NDDC), and the Federal Capital Territory (FCT) from President Muhammadu Buhari.

The budget proposals were contained in a letter addressed to the Senate President and read on the floor of the Senate before Wednesday’s proceedings commenced. Senate President Bukola Saraki thereafter referred the proposals to the committees on Niger Delta and FCT, for consideration.

Two reports on the repeal and re-enactment of existing Acts were also laid on the floor of the Senate on Wednesday. They include, report of the Senate committee on land transport, on the Nigerian Railway Corporation Act 1955, and the report of the committee on public procurement, on the Procurement Act 2007.