2026 Budget Defence: Industry Ministry Seeks ₦2.72bn Capital Vote, Flags Non-Release of 2025 Funds
By Fatima Saka
The Federal Ministry of Industry, Trade and Investment has proposed a capital allocation of ₦2.72 billion for the 2026 fiscal year, even as it raised concerns over the non-release of its 2025 capital funds during a budget defence before the Senate Committee on Trade and Investment.
Appearing before the committee on Monday, the Minister, Mrs. Jumoke Oduwole, disclosed that although the Ministry’s total appropriation for the 2025 budget stood at ₦11.8 billion, its ₦3.8 billion capital allocation had not been released as at the time of the defence.
She explained that while personnel and overhead costs were fully utilised, the absence of capital releases constrained project execution, prompting a phased implementation plan extending into 2026.
Despite the funding gap, Oduwole told lawmakers that the Ministry recorded strong revenue performance, exceeding its target by about ₦100 million, which was fully remitted to the Consolidated Revenue Fund (CRF). She attributed the performance to fiscal discipline, effective planning and accountable use of public resources.
Outlining priorities for 2026, the Minister said the proposed ₦2.72 billion capital allocation would support renewed focus on implementation, industrial policy advancement and trade expansion, in line with the National Development Plan and existing policy frameworks.
She noted that 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.
According to her, 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.
Oduwole further revealed plans for a nationwide trade facilitation programme aimed at reducing export bottlenecks, simplifying processes and enhancing the competitiveness of Nigerian goods and services in regional and global markets.
She added that the Ministry would lead the delivery of the Creative Africa Nexus (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.
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Describing the proposed ₦2.72 billion capital vote as “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.
In his response, the Committee Chairman, Senator Sadiq Suleiman Umar (Kwara North), commended the Minister for what he described as a well-presented budget proposal.
Responding to questions from lawmakers, Oduwole explained that 30 per cent of the 2025 budget would be implemented up to March 31, 2026, while the remaining 70 per cent would be rolled over for implementation in the 2026 fiscal year.
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