Senate tasks Ministry on industrial revolution plan

The Senate through its Committee on Industry, urged the Ministry of Industry , Trade and Investment, to fast track the implementation of National Industrial Revolution Plan (NIRP) for jobs and wealth creation in the country.

Senate ‘s call to this effect, was made Tuesday by the Chairman of its Committee on Industry, Senator Adetokunbo Abiru (APC Lagos East) during 2022 budget defence by the Minister of State for Ministry of Industry , Trade and Investment , Ambassador Mariam Katagum, made before the Committee.

The Industrial Revolution Plan according to Senator Abiru, is key to the policy of diversification being worked upon by the federal government geared towards jobs and wealth creation.

“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 N19 billion repeatedly, it dropped to N8.8 billion in 2019 and further dropped to N3.8 billion in 2020 before rising to N6.5 billion in 2021 which is also the projected vote for 2022.

“These to us in this Committee are not encouraging budgetary provisions for a Ministry that should drive the Industrial Revolution Policy .

“As a result of this, the committee will from time to time, want an update on practical implementation of the policy “, he said .

But the Minister of State in her presentation said the envelope budgeting system was responsible for the monies earmarked for the Ministry on yearly basis which according to her, is not completely incapacitating the Ministry from 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 .

These she added, are different from Agro Processing Centres set for creation across the 109 Senatorial Districts as projected in the 2022 budget implementation .

On revenue generation, she told the committee that out of the projected N1.6billion targeted for 2021, N1.1 billion has been realised out of which N1billion has been remitted into the Consolidated Revenue Fund (CRF).