The Senate Committee on Industry on Tuesday charged the Ministry of Industry, Trade and Investment to fast track the implementation of the National Industrial Revolution Plan.
The chairman of the committee, Senator Adetokunbo Abiru, gave the charge at the 2022 budget defence session with the Minister of State for Industry, Trade and Investment, Ambassador Mariam Katagum.
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Abiru said the capital allocations to the ministry in recent years were not encouraging budgetary provisions for a ministry that should drive the Industrial Revolution Policy.
“The Ministry of Industry, Trade and Investment should be the key driver of the policy and must order its priorities in that direction.
“The shrinking capital budget for the Ministry as obtained in the document submitted is not encouraging.
“For the records, while in 2017 and 2018, the capital votes for the ministry was N19bn repeatedly, it dropped to N8.8bn in 2019 and further dropped to N3.8bn in 2020 before rising to N6.5bn in 2021 which is also the projected vote for 2022.
“As a result of this, the committee will from time to time, want an update on practical implementation of the policy,” he said.
The minister said the envelope budgeting system was responsible for the allocation to the ministry on a yearly basis which, according to her, is not completely incapacitating the ministry from the required implementation of the Industrial Policy Plan.
“We at the ministry are not unmindful of the onerous task before us as far as the policy on industrial revolution is concerned.
“In line with the policy, the ministry is encouraging investors to set up sugar plantation companies in strategic areas of the country as well as cotton, textile and garments industries,” she said.
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