The Federal Ministry of Industry, Trade and Investment will spend N2.5 billion in 2024 on the procurement of furniture and new fittings, creation and partitioning of new offices, trade intelligence, investment promotion, image rebranding, and roadshows.
This is according to an analysis of the recently signed N28.7 trillion 2024 Appropriation Bill by President Bola Ahmed Tinubu.
The Ministry plans to spend N500 million on investment promotion, image rebranding and roadshows.
Another N500m is earmarked for the procurement of office furniture and fittings, while an additional N500m will be spent on creating new offices and partitioning at the new FMITI headquarters building.
In December 2023, the trade ministry came under the storm after senators questioned about N1 billion budget allocation for a trip to Geneva.
This occurred during a budget defence before the Senate Committee on Trade by the Minister of Trade, Industry and Investment, 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 trip and use experts in her Ministry.
