Senate Slams Trade Ministry: Show Household Results or No Budget

Patrick Isaac

The Federal Ministry of Trade and Investment defended its 2026 budget proposal before the Senate Committee on Trade and Investment and Industry on Wednesday.

Lawmakers demanded transparency, accountability, and real impacts on Nigerians’ daily lives.

Committee Chairman, Senator Sadiq Suleman emphasised the ministry’s role in economic diversification and cutting oil dependence.

He stressed alignment with government goals and the Constitution.

“We are here to ensure that the ministry’s budget aligns with the government’s strategic direction.

“We don’t want to talk too much; we want to see results. What is the impact at the household level? That’s all we care about.” he said.

Minister, Jumoke Odumole presented key initiatives to boost trade, investment, and industry toward a trillion-dollar economy.

She noted capital importation hit $21 billion in the first 10 months of 2025, up from $12 billion in 2024, thanks to project curation, investor engagement, and resolving over 50 bottlenecks.

“The ministry’s 2026 budget comprises a focused set of programmes and projects designed to stimulate economic growth, strengthen Nigeria’s productive base, and connect global and regional demand with domestic supply capacity,” Odumole stated.

She highlighted bilateral ties with the UAE, Brazil, Japan, the US, and UK to attract foreign direct investment.

Lawmakers probed budget use, timelines, and outcomes, pushing for clear performance metrics.

Odumole appealed for more capital funding, calling the proposed ₦2.72 million insufficient for priorities like industrial policy, local production, non-oil exports, AfCFTA tours, trade fairs, and digital tools.

The committee will review submissions and recommend changes to ensure public funds deliver measurable economic gains.