The Federal Ministry of Business, Commerce and Funding will spend the sum of N2.5bn in 2024 on the procurement of furnishings and new fittings, creation and partitioning of recent places of work, commerce intelligence in addition to funding promotion, picture rebranding and roadshows.
In line with an evaluation of the just lately signed 2024 Appropriation Invoice, the ministry plans to spend the sum of N500m on funding promotion, picture rebranding and roadshows.
One other N500m is earmarked for the procurement of workplace furnishings and fittings whereas an extra N500m shall be spent on creating new places of work and partitioning on the new FMITI headquarters constructing.
Lately, the commerce ministry was within the eye of the storm after senators raised questions over a N1bn funds allocation for a visit to Geneva.
This got here up throughout a funds defence earlier than the Senate Committee on Commerce by the Minister of Commerce, Business and Funding, Doris Nkiruka-Anite Uzoka.
A former Governor of Edo State and Senator representing Edo North, Adams Oshiomhole, had criticised the allocation, describing it as a waste of public funds.
Oshiomhole tasked the minister to shelve the Geneva journey and make use of consultants in her Ministry.
He stated, “I see that you just intend to journey to Geneva subsequent yr and you’ve got budgeted over N1bn for that. We will’t maintain occurring with over-bloated groups on overseas journeys. Use the consultants now we have in your places of work in that nation to save lots of value.”
In line with the ministry’s funds, the sum of N1bn can be slated for the creation of a Commerce Intelligence Unit.
In the course of the funds presentation earlier than the Senate, Oshiomhole had raised considerations over the dearth of well-documented statistics on Nigeria’s transactions with its main commerce companions.
Querying the minister, Oshionhole requested, “What’s our stability of commerce? Particularly with China. These nations importing issues to Nigeria are anticipated to construct factories in Nigeria. We’ve to make the most of our inhabitants to develop our industries.
“Madam, sit in your workplace and work for Nigerians. I’ve gone there (the ministry) twice. You’re all the time within the BoI. In case you most well-liked BoI, you need to have declined the President’s nomination to be minister.”
In her response, the commerce minister stated “Sir, I remorse to say that we appear to have no report of our Stability of Commerce.”
She added that the ministry had initiated a brand new unit referred to as Commerce Intelligence Unit to make sure that such information have been generated and saved.
The minister’s declare got here regardless of detailed info on Nigeria’s commerce statistics printed each quarter by the Nationwide Bureau of Statistics.