The House of Representatives Committee on Climate Change on Wednesday in Abuja said that N8.1 billion earmarked in the 2017 appropriation bill to fight the effects of climate change in the country was inadequate.
Chairman of the Committee, Hon Sam Onuigbo (PDP - Abia) said this when the Ministry of Environment defended its 2017 budget proposal.
“We have noted with profound concern that modest amount deliberately set aside by the budget office for agencies to tackle climate change and also lay the foundation for the nation to benefit from investment opportunities that abound in this exercise.
“However, when you juxtapose Nigeria’s investment of $8 million against investments in climate change activities by our peers, Nigeria’s investment pales rapidly into insignificance.
“We have abiding responsibility to meet our Nationally Determined Contributions (NDCs) and demonstrate to the world that we are a serious nation that is always prepared to match Federal Government’s signing of Paris agreement of Sept. 22, 2016 and other lofty declarations with verifiable actions at home,” Onuigbo said.
He declared that the legislature through a joint climate change committee of the Senate and the House is working on a Climate Change Legal Framework Bill for Nigeria to create the appropriate regulatory framework to facilitate investment and mainstream climate change.
He also emphasized the need for strengthened synergy between the legislature and the executive in mitigating the effects of climate change while accelerating industrialization in a way that supports rapid and resilient economic growth.
However, the Permanent Secretary, Ministry of Environment, Dr Bukkar Hassan, said that plans are underway to issue $20 billion bonds to raise funds to combat the effects of climate change in the country.
According to Hassan, the bond tagged “Green Bond” will be issued ending of March 2017.
The permanent Secretary said it was a new means of generating resources for climate change activities and to ensure sustainable development.
He said that the ministry’s plan to execute 31 projects in six geo political zones is intended to ensure the country develops in harmony with her environment.