The Office of the Honourable Minister of Industry, Trade, and Investment has issued a statement clarifying recent media reports surrounding a purported N1 billion budget allocation for a foreign trip to Geneva.
In the press release signed by the minister’s media aide, Toluwase Moyan, the Ministry categorically denied any provision for a “Foreign Trip to Geneva” in its proposed budget.
Instead, it clarified that the mentioned allocation pertains to the maintenance and operational costs of the Nigerian Trade Office in Geneva, responsible for representing Nigeria’s trade interests at global forums such as the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development (UNCTAD).
Part of the statement read:
“For clarification, Nigeria, as an active player in global trade, maintains an office in Geneva responsible for representing and defending Nigeria’s multilateral trade interests in the World Trade Organisation (WTO) and the United Nations Conference on Trade and Development (UNCTAD), both headquartered in Geneva Switzerland.
“Expectedly, the Nigerian Trade Office, Geneva, has obligations, overhead and maintenance costs, as with any organisation, that must be met.
“In fact, the current debt owed by the Nigeria Trade Office in Geneva as captured in the budget is N499,000,000.00, and it was deemed necessary to propose a budget that will service Nigeria’s outstanding debts in Geneva and maintain Nigeria’s respect and global standing amongst the comity of nations.
“Please be assured that the Ministry is committed to prudence, transparency and accountability.”
