Trade Ministry Clarifies N1.6bn Budget For WTO Office

 

In response to recent media reports, the Ministry for Industry, Trade, and Investment has provided clarification regarding the N1.6 billion budget provision for the World Trade Organisation (WTO) office in Geneva. Contrary to earlier speculations, the ministry asserted that the allocation is intended to cover personnel and overhead costs for the department, along with essential capital expenditure.

Reports had suggested that Minister Doris Uzoka-Anite earmarked over N1 billion for a trip to Geneva in the 2024 budget. However, the ministry, in a detailed breakdown of the budget, revealed that N806,379,820 is allocated for personnel costs, N204,058,434 for overhead expenses, and N600,745,345 for capital expenditure. This brings the total proposed budget to N1,611,183,599, aligning with the total budget of the Geneva Trade Office as published on the Nigerian Budget Office website.

According to an undisclosed source, a memo from the Nigerian Ambassador in Geneva confirmed that the initially budgeted Capital Expenditure (CAPEX) for the trade office was N93 million. However, Minister Uzoka-Anite intervened, increasing it to over N600 million to settle outstanding debts as outlined in the budget draft.

The detailed breakdown further revealed allocations for various departments within the ministry, including N14.2 billion for the Federal Ministry of Trade and Industry headquarters, N4.3 billion for the Standards Organisation of Nigeria (SON), N749 million for the National Automotive Design and Development Council (NADDC) headquarters, and N3 billion for the Industrial Training Fund (ITF).

Other allocations 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’s clarification aims to dispel misconceptions and ensure transparency in its budgetary allocations, emphasizing its commitment to the efficient use of funds for the benefit of the nation.