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Budget: Trade ministry to spend N11.99bn on capital projects

The Federal Ministry of Industry, Trade and Investment has proposed to spend a total of N11.99 billion on capital projects out of N15.66 billion total expenditure included in the 2019 budget currently before the National Assembly.

An analysis of the ministry’s budget for the 2019 fiscal year yet to be approved by the National Assembly showed that the N3.67 billion would be spent on recurrent expenditures, comprising N2.91 billion for personnel and N762.81 million for overhead.

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A close examination of the capital projects the ministry intends to execute in 2019 showed that it will spend N150 million on implementation of approved Federal Executive Council (FEC) Memo, N30 million on anti-corruption capacity development, N10 million on capacity building and equipping legal meteorology officers for upstream operations and N10 million on procurement of primary, tertiary and working standards procurement of seven weighbridge testing units and calibration equipment.

The ministry also proposed to spend N10 million on the publication of approved trademarks, N17.15 million on provision of sport kits for headquarters, N65 million on maintenance of outstations and state offices, N51 million on export enhancement, purchase of equipment and furniture for old and new FPIS offices and N60 million on procurement of office furniture and equipment for state offices.

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The ministry also budgeted N15 million for Commerce House project, N1.2 billion for rehabilitation of blocks C, D, G & H at the headquarters and Lagos State office, N51.76 million on computerisation of the finance and accounts offices, N5.19 billion on Export Expansion Grant (EEG) and N50 million on implementation of the export development strategy for non-oil commodity sub-sectors.

N150 million was also budgeted for implementation of the Nigeria Agribusiness and Agro-Industry Development Initiative (NAADI), N10 million for annual subscription to International Commodities Organization (ICOs), N200 million for promotion of made-in-Nigeria products, N250 million for strategic negotiation and engagement, N10 million for establishment of trade resource centre and N35.68 million on inspection and certification of new additional capital undertaking and industrial capacity.

Further analysis of the budget showed that the ministry intends to spend N200 million on digitalisation and development of the industrial database, N74 million on international investment engagement initiatives and N80 million on international engagements, negotiation and signing of Investment Promotion and Protection Agreements (IPPA).

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