Federal Ministry of Industry, Trade and Investment plans to spend N26.1billion for its operations in 2018, Minister of State in the ministry, Hajia Aisha Abubakar, has said.
Abubakar made this known while defending the ministry’s 2018 Budget at the House of Representatives on Thursday in Abuja.
She said that N23.2 billion was earmarked for capital expenditure, while N722.8 million was for overhead.
She said that N2.1 billion was set aside for personnel cost.
On 2017 budget performance, Abubakar said N21.5 billion was approved for the ministry, out of which N19.2 billion was capital expenditure.
She, however, disclosed that only N3 billion, representing 16 per cent of the capital vote was released, adding that 2.1 billion of the amount, which represented 70 per cent had been spent.
For the 2017 overhead, the minister said N701.9 million was appropriated but that only N246.5 million or 35 per cent was released.
She noted that N224.8 million representing 91 per cent of the amount released for overhead had been spent by the ministry.
She said that revenue projection by the ministry for 2017 was N812.2 million, but said that only N178.9 million had been realised.
Abubakar said that N1.7 billion was earmarked for personnel cost and was being handled by the IPPIS, Federal Government’s central centre for salaries.
She said the ministry had continued to focus on its five pillars in pursuance of the diversification programme of the present administration.
She said that creation of enabling environment for investments, implementation of Nigeria Revolution Plan, championing the cause of micro and small enterprise and attracting domestic and foreign investment remained the ministry’s focus.
The Chairman, House Committee on Commerce, Rep. Sylvester Ogbaga (Ebonyi-PDP), said a date suitable for substantive minister of the ministry to appear before the committee would be scheduled.
