Clarifications have emerged regarding the 2024 budget released by the Federal Ministry of Trade, Industry and Investments, particularly in relation to the N1.6bn earmarked for the World Trade Organizations (WTO) office in Geneva.
The ministry notes that contrary to previous media reports suggesting a substantial allocation for a ministerial trip, the breakdown of the budget outlines that the funds are intended to cover personnel salaries, overhead expenses, and capital costs for the department throughout the year.
The detailed budget allocation, the ministry notes, includes N806,379,820 for personal costs, N204,058,434 for overhead expenses, and N600,745,345 for capital resulting in a total proposed budget of N1,611,183,599, asserting that this financial plan aligns with the total allocation of the Geneva Trade Office as published on the Nigerian Budget Office website.
A memo from the Nigerian Ambassador in Geneva affirmed that the initially budgeted Capital Expenditure (CAPEX) for the Geneva Trade Office was N93 million.
However, with the intervention of Minister Doris Uzoka-Anite, this amount was increased to over N600 million to address all outstanding debts outlined in the draft statement.
In addition to the WTO office, the proposed budget breakdown reveals allocations for various departments within the Ministry of Trade, including N14.2 billion for the Federal Ministry of Trade and Industry headquarters, N43 billion for the Standards Organization of Nigeria (SON), N749 million of the National Automotive Design and Development Council (NADDC) headquarters and N3 billion for the Industrial Training Fund (ITF).
Other noteworthy allocations, the memo also indicates, include N1.3 billion for the Nigerian Export Promotion Council, N70 billion for the Nigerian Export Processing Zones Authority, N417 million for the Lagos International Trade Fair, and N442 million for the Federal Produce Inspection.
The ministry said it aims to provide transparency and dispel any misconceptions surrounding the budgetary allocations, emphasizing the intended use of the funds for the WTO office in Geneva.
