The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, on Thursday sought the approval of the Senate for the sum of N11.18bn for 2021.
He said the ministry’s budget proposal comprised personnel cost of N3.02bn; overhead cost, N762.81m; and capital budget, N7.40bn.
Adeniyi told the Senate joint committees on commerce and industry that the ministry received only N2.9bn out of the N7.3bn appropriated for capital projects in 2020.
He explained that this was far below what it got in 2019 and 2018 fiscal years where the sum of N3.5bn and N7.9bn were released to the ministry for the implementation of different capital projects. He pleaded with the committee to approve the sum of N7.3bn proposed for the 2021 budget, saying that the ministry had 83 capital initiatives, made up of 56 ongoing ones and 27 new projects.
The capital budget, he told the committees, would be directed at the industrial policy reform and enabling business environment and international investment engagement initiatives.
Adeniyi added that the fund would enable full activation of the private sector-led six special economic zones comprising of Lekki, Enyimba, Funtua, Ibom, Kano and Benue coupled with the establishment of at least one agro-processing zone in each senatorial district.