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2026 Budget: Trade and Investment Ministry Proposes N2.72bn Capital Allocation
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The Federal Ministry of Trade and Investment has proposed a capital allocation of ₦2.72 billion for the 2026 fiscal year, as the Minister, Mrs. Jumoke Oduwole, appeared before the Senate Committee on Trade and Investment for the Ministry’s budget defence.
Presenting the Ministry’s estimates on Monday, Oduwole disclosed that while the Ministry’s total appropriation for the 2025 budget stood at ₦11.8 billion, its ₦3.8 billion capital allocation for the year has not been released as at the time of the defence.
She noted, however, that personnel and overhead costs were fully utilised.
The Minister told lawmakers that despite funding constraints, the Ministry recorded strong revenue performance, exceeding its target by about ₦100 million, which was fully remitted to the Consolidated Revenue Fund (CRF).
She stressed that the Ministry maintained fiscal discipline, effective planning and accountable use of public resources within available funds.
Outlining priorities for 2026, Oduwole said the proposed ₦2.72 billion capital allocation would support the Ministry’s renewed focus on implementation, industrial policy advancement, and trade expansion in line with the National Development Plan and existing policy frameworks.
According to her, the Ministry’s programmes are aligned with the administration’s “Nigeria First” agenda, with emphasis on boosting local production, strengthening value chains, developing industrial clusters and special economic zones, and promoting non-oil exports.
She explained that domestic investors would remain central to economic growth, while global investors would continue to be engaged through in-country investment forums and reverse trade missions.
The Ministry also plans to deepen sub-national participation through structured zonal and state-level engagements aimed at strengthening ownership of trade and industrial outcomes.
Oduwole further highlighted plans for a nationwide trade facilitation programme to reduce export bottlenecks, simplify processes and enhance the competitiveness of Nigerian goods and services in regional and global markets.
In addition, the Ministry will lead the delivery of CANEX, Africa’s largest creative and cultural trade fair, positioning Nigeria at the centre of continental trade and creative exports, supported by digital investor portals and trade intelligence tools to improve transparency and coordination.
While acknowledging that the proposed ₦2.72 billion capital vote would be “a stretch” given the Ministry’s expanding mandate, the Minister appealed to the Senate Committee for targeted enhancement of the allocation to enable effective delivery of priority programmes.
She urged lawmakers to sustain their support as the Ministry works to strengthen industrial development, expand trade, attract investment and drive economic growth across the federation.
The committee chairman, Senator Sadiq Suleiman Umar representing Kwara North Senatorial District, commended the Minister for a well presented budget proposal.
Responding to the question by the committee chairman, the Minister explained that 30% of 2025 budget will be implemented upto 31/03/2026 while 70% of the same budget will be implemented as 2026.
The Chairman of the Senate Committee on Inter-Parliamentary Affairs, Senator Aliyu Wadada has promised to revive the committee’s activities after acknowledging concerns over its prolonged inactivity.
Wadada spoke on Thursday at the end of the committee’s meeting in Abuja.
Specifically, the chairman admitted that the committee had been underutilised, noting that it had met only once in the last three years.
He, however, said issues responsible for the situation had been identified during a closed-door session and would be addressed.
“Of course I feel concerned about it, but when we got into the details in a closed-door meeting, we got to know where the problems are, and they will all be taken care of. The committee will be as active as it should always be,” he said.
Commenting further, the chairman said the committee would focus on its core mandate of promoting and strengthening legislative relations between Nigeria’s National Assembly and parliamentary bodies across the world.
According to him, the committee will deepen engagement with regional and international legislative institutions, including the ECOWAS Parliament, the Pan-African Parliament, the Inter-Parliamentary Union (IPU), and other parliamentary organisations.
He disclosed that a new work plan had already been developed to guide the committee’s activities.
He added: “The direction is basically around the responsibilities of the committee, which is to promote and deepen legislative relationship within Nigeria and with other legislative bodies around the world”.
The chairman added that the committee’s first major activity would be a courtesy visit to the Speaker of the ECOWAS Parliament in Nigeria as part of efforts to strengthen inter-parliamentary cooperation.
SINL NIgeria Online reports that Senator Wadada assured that the public would be kept informed of the committee’s activities as the new work plan is implemented.
The Minister of Defence, Christopher Musa, has revealed that the minimum monthly salary of Nigerian soldiers has increased to N100,000 after the Federal Government reviewed their welfare package.
Musa made the disclosure during an interview with News Central ahead of his appearance on the NC Exclusive programme.
He said the adjustment was part of efforts by the government to improve the living conditions of military personnel.
Executive Branch
The former Chief of Defence Staff, however, said the country’s defence sector still requires more funding despite the improvement in soldiers’ earnings and welfare.
He stated that the current defence budget remains inadequate, adding that more resources are needed to effectively support the armed forces and their operations.
Musa explained that soldiers who previously earned about N49,000 monthly now receive at least N100,000 following the salary review carried out by the government.
The minister also called for tougher punishment for kidnappers, saying stronger measures are needed to reduce the increasing cases of abduction across Nigeria.
Remodelled Abuja City Gate To Be Commissioned Today, Thursday, July 9
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Senator Wadada promises to deepen legislative ties, stop inactivity
Just in: FG jerks up salaries soldiers to N100k monthly
DAY 22 of Projects Commissioning in the FCT
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