The Ministry of Industry, Trade, and Investment has debunked a report that claimed that it allegedly allocated the sum of N1 billion for a foreign trip to Geneva, Switzerland in 2024.
The Ministry’s spokesperson, Toluwalase Moyan, in a statement, refuted the report, saying it was an extreme misrepresentation of the facts as presented by the Minister, Dr. Doris Anite.
“We wish to categorically state that there is no line item in the proposed budget of the Federal Ministry of Industry, Trade and Investment referring to any foreign trip to Geneva,” Moyan said.
“Rather, the only mention of Geneva in the proposed budget is with respect to the maintenance of the Nigerian Trade Office in Geneva, captured as ‘External Trade Sector, Geneva (WTO)’, which may have been misconstrued as ‘Foreign trip to Geneva’.
“In fact, the total amount (for NIGERIA’S TRADE OFFICE IN GENEVA) in the appropriation for 2024 is N1,610,183,599 with the breakdown as follows: Personnel Cost: N805, 379, 820; Overhead: N204, 058, 434 and Capital: N600, 745, 345.”
Moyan said for clarification, Nigeria, as an active player in global trade maintains an office in Geneva responsible for representing and defending the nation’s multilateral trade interests in the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development (UNCTAD), both headquartered in Geneva Switzerland.
The Ministry’s spokesperson added that expectedly, the Nigerian Trade Office, Geneva has obligations, overhead and maintenance costs as with any organisation, that must be met.
Moyan further stated that the current debt owed by the Nigeria Trade Office in Geneva as captured in the budget is N499m.
“As such, it was deemed necessary to propose a budget that will service Nigeria’s outstanding debts in Geneva and maintain the country’s respect and global standing amongst the comity of nations,” Moyan said.
“Please, be assured that the Ministry is committed to prudence, transparency and accountability.”
The Senate Committee on Trade and Industry on Tuesday reportedly criticized the Ministry of Trade and Investment for allegedly allocating the sum of N1 billion for a foreign trip to Geneva, Switzerland.
Members of the Senate Committee knocked back the allocation during a budget defense session and expressed deep worries about the excessive spending on foreign trips and urged the use of in-country experts.
