Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo has called on the House of Representatives joint Committees on Commerce and Industry to approve the sum of N7.3 billion proposed for the 2021 budget, saying the ministry has 83 capital initiatives made up of 56 ongoing and 27 new projects.
The minister expressed concern that the ministry only received N2.9 billion out of the N7.3billion appropriated for capital projects in 2020 budget.
According him, what they got was far below what was approved got in 2019 and 2018 fiscal year as the sum of N3.5 billion and N7.9billion was released to the ministry for the implementation of different capital projects.
He explained that the capital projects is the industrial policy reform and enabling business environment; International Investment Engagement Initiatives; full activation of the private sector led six special economic zones comprising of Lekki, Eyinmba, Funtua, Ibom, Kano and Benue; establishment of at least one Agro-Processing Zone in each senatorial district; ensuring credit access to 10 million MSMEs at single digit rate; and continuation of promotion of Made-In-Nigeria products which will bring about increase in industrial productivity, employment generation and reduction in import of foreign products.
The Minister listed other programmes to be funded through the capital budget to include Reviewing the Presidential Enabling Business Environment Council (PEBEC) mandates and implementation of a 4-year business environment transformation roadmap; revising and implementing the National Industrial Revolution Plan with well-defined action step for actors; Nigeria’s participation at the Expo 2020 frrom October, 2021 – 31st March, 2022; Ease of Doing Business and implemetation of executive Orders; and Implementing a strategy towards realisation of Mr President’s June 12 promise to take 100 million Nigerians out of poverty in the next 10 years.
On revenue generation, Otunba Adebayo told the two committees that of the N1.6billion projected revenue for 2020, the ministry as at September had generated N1.03 billion.
He said the ministry was seeking the senate approval to spend the sum of N11,178,761,718.00 in year 2021 comprising of Personnel Cost, N3, 020,275,404.44; Overhead cost, N762,808,419; and Capital budget, N7, 395,677,895.00.
