• Says allocation is for personnel, overhead, capital costs
Details of the Federal Ministry of Trade, Industry and Investments budget for 2024, which was released, yesterday, have clarified that the N1.6 billion earmarked for the World Trade Organisation office, in Geneva, was meant to cover the personnel and overhead costs of the staff of the department, as well as provide capital for its operation for the year.

The Senator representing Edo North Constituency, Adams Oshiomhole, had alleged that over N1 billion was set aside by the Minister of Trade, Industry and Investments, Doris Uzoka-Anite, to cover a trip to Geneva next year when the minister appeared before the National Assembly’s Joint Committee on Trade, Industry and Investment to defend her ministry’s budget.

Oshiomhole, who is also the Chairman of the Senate Committee on Interior, was not specific about the actual amount the minister proposed for travelling to Geneva. He only mentioned that the trade, industry and investment minister is proposing N1 billion on a trip to Geneva.

However, a breakdown of the Ministry’s budget, yesterday, showed that out of the total amount, N8x06,379,820 is to cover personnel costs. N204,058,434 will go for overhead, while N600,745,345 will be set aside for capital, bringing their total proposed budget to N1,611,183,599, which the ministry said is in line with the total budget of the Geneva Trade Office published on the Nigerian Budget Office website.

A source disclosed that a memo from the Nigerian Ambassador in Geneva had confirmed that the Capital Expenditure (CAPEX) budgeted for Geneva’s trade office was N93 million, saying that with the intervention of the minister, it was increased to over N600 million to settle all outstanding debts as contained in the budget quoted in the draft statement.

The breakdown of the proposed budget also showed that apart from the trade office, other departments in the ministry that got allocation included the Federal Ministry of Trade and Industry headquarters, N14.2 billion, Standards Organisation of Nigeria (SON) N4.3 billion, National Automotive Design and Development Council (NADDC) headquarters N749 million, and Industrial Training Fund (ITF), N3 billion.

Others are the Nigerian Export Promotion Council, N1.3 billion, the Nigerian Export Processing Zones Authority N70 billion, the Lagos International Trade Fair N417 million and the Federal Produce Inspection, N442 million.