Ministry generates N1.3bn in 9 months

By Felix Khanoba

The Federal Ministry Industry, Trade and Investment generated N1.3 billion as at September 2020 out of the N1.6 billion projected for the year.

Minister of Industry, Trade and Investment, Adeniyi Adebayo, disclosed this when he appeared before the House of Representatives joint Committees on Commerce and Industry on Thursday in Abuja.

Adebayo called on the lawmakers to approve the sum of N7.3 billion proposed for capital projects in the ministry’s 2021 budget.

He said the ministry has 83 capital projects made up of 56 ongoing ones and 27 new additions.

The minister lamented that the ministry only received N2.9 billion out of the N7.3billion appropriated for capital projects in the 2020 budget.

He explained that this was far below what it got in the 2019 and 2018 fiscal years where the sum of N3.5 billion and N7.9billion were released to the ministry for the implementation of different capital projects.

Speaking further, the minister told the lawmakers that the capital projects in 2021 budget are directed at the industrial policy reform and enabling business environment; International investment engagement initiatives; full activation of the private sector led six special economic zones, among others.

On revenue generation, Adebayo told the two committees that of the N1.6billion projected revenue for 2020, the ministry as at September generated N1.03 billion.

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