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Budget Defence: N3.844 Billion Inadequate To Drive Our Renewed Hope Agenda- Minister
The Minister of Trade and Investment, Dr. Jumoke Oduwole said during week that the N3.844 billion capital allocation to the Ministry will not be able to drive the programme and plans of the ministry in helping to drive the renewed hope agenda of President Bola Ahmed Tinubu.
The Minister said that amount was grossly inadequate to fund its capital projects and programmes while soliciting the support of the lawmakers for additional funding to enable the Ministry align its noble projects according to the objectives spelled out in the National Development Plan and the Medium Term Expenditure Framework.
She stated this at a joint budget defence of the Senate Committees on Industry, Senate Committee on Trade and Investment and the House of Representatives Committees on Commerce, Industry and Small and Medium Enterprises said the support will enhance the development and growth of the Nigerian economy.
The Minister added that the Ministry remain committed to achieving its vision of promoting economic growth creating jobs and gnerating wealth as well as formulating and implementing policies and programmes that attract foreign direct investment boost industrialisation increase trade and export as well as encourage the development of enterprises.
“The ministry is presently implementing strategic policies, plans and programmes targetted towards economic recovery and growth for employment generation and wealth creation for the generality of Nigerians.
“She identified some of the programmes and policies to include the Nigeria Industrial Revolution Plan, the National Enterprise Development Programme, the Trade Policy of Nigeria (2023-2027) and the Nigeria investment Policy (2023-2027).She added.
In addition, she disclosed that the Ministry has continued to play a vital role in facilitating the ease of doing business which has led to substantial increase in investment in the local economy and enhanced the industrialisation of the government.
The Minister stressed that within the framework of the National Development Plan (NDP), the Ministry has continued to dilligently pursue the creation of an enabling environment for the Nigerian Industry, Trade and Investment sectors to enhance Ease of Doing Business; the Implementation of Nigeria Industrial Revolution Plan (NIRP) to rapidly enhance industrial capacity and improve competitiveness within the Sector; sustain the development of the Micro, Small, and Medium Enterprises (MSMEs) Sector to achieve industrial development and growth; proactively attract domestic and foreign investments; and facilitate enhanced trade and market access to stimulate investments and encourage patronage of Made-in-Nigeria products and services.
She told the Lawmakers that in 2023, capital budget for the Ministry was N2.86 billion with 97 percent of the amount released and utlised, while in 2024, capital allocation to the Ministry increased to N8.364 billion with only 40 percent released.
She said while the Ministry projected a budget of about N2.3 trillion for the 2025 financial year it was allocated N11.752 billion with capital budget pegged at N3.844 billion, and a revenue projection of N2.4 trillion for the financial year.
The Minister said further that the Ministry intend to generate revenue through weights and measure department, commercial law department (trademark patent and designs), Export Fumigation, sales of government assets, rent, backward integration programme certificate, late notifcation, tender fees, application fees for certificate of acceptance and certificate of acceptance fees.
She maintained that within the available resources, the Ministry is committeed to ensuring the speedy attainment of the “Renewed Hope Agenda” of the Tinubu administration, adding that without the continuous support and guidance of the National Assembly, the Ministry will not be able to achieve much.
