0 C
Lagos, NG
9th August 2020
  • Home
  • Senate rejects N15bn Budget of Trade and Investment Ministry

Senate rejects N15bn Budget of Trade and Investment Ministry

Senator Saraki appointed as IHRC Ambassador 'At Large'
Senator Saraki appointed as IHRC Ambassador 'At Large'

The Senate Committee on Trade and Investment has rejected the ministry’s 2019 Budget of N15.63 billion.The rejection followed alleged discovery of an illegal Special Economic Zone Company, listed for appropriation when the Minister of Trade and Investment Ministry Dr Okechukwu Enelamah appeared for budget defence on Monday.

The Chairman of the committee, Sen. Sabo Mohammed while referring to item two on page seven of the budget booklet presented by the Trade and Investment Ministry, said the company was not known to be one of the 17 agencies under the ministry.

The ministry had in the course of the defence, presented the booklet containing 2019 budget proposals for all agencies under the ministry.

According to Mohammed, a document obtained by them from the Corporate Affairs Commission ( CAC) containing information on how the company was registered, shows that “it is a private company.

“Liability of the members are limited by share, which gives federal government 25 per cent and 75 per cent to private individuals.”

He directed the minister to forward detailed written explanation on how the company got into the appropriation list, its management staff list and its staff strength as well as statement of account before consideration of 2019 budget proposal.

Responding, Enelamah said the company was established through a Presidential Initiative and its approval was given at a Cabinet meeting held in May 2018 .

“One of the areas that this government has focused on is infrastructure. The second area is industrialisation and the two have something in common.

“If the government tries to do it alone, it would be extremely tasking.

“So the President directed that we should bring other partners that can combine with whatever monies we have to build world class infrastructure which led to the establishment of the company in partnership with other investors,” he said.

Related posts

FG has fulfilled promise on uninterrupted power supply-Fashola


President Buhari writes Senate, seeks to pay Kogi State N10bn


Actor Richard Mofe Damijo speaks on ‘Fake it till you make It’


Yemi Alade Shares Lovely Photo To Celebrates Angélique Kidjo At 60


PHOTO: “The Killings In Plateau Were Retaliatory Over 300 Stolen Cows By Farmers” -Miyetti Allah


See Photos of PDP Chair, Uche Secondus praying before a rally


NNPC signs agreement with NAOC on 4 OML


Anambra Assembly confirms LG Transition Committee chairmen


Suspended CJN Justice Onnoghen arrives Tribunal


Medical School: Bayelsa State signs MOU with Louisville University


Leave a Comment