Federal government spends 11.56 million Dollars on armoured vehicles amid forex scarcity

Written by on October 12, 2022

Despite the scarcity in foreign exchange in Nigeria, the federal government has reportedly spent 11.56 million dollars on remodeling and refurbishing one hundred and seven armoured vehicles which was donated by the Hashemite Kingdom of Jordan.

The Second Quarter and Half-Year 2022 Budget Implementation Report seen on the website of the Budget Office of the Federation disclosed that this was done in the second quarter of 2021.

According to the report, the Federal Government had taken thirty five million dollars to procure 2X High Endurance Offshore Patrol Vessels, while $0.01m was received as accrued interest on fund investment between March and May 2022.

Meanwhile, the Director-General of Manufacturers Association of Nigeria- Mr Segun Ajayi-Kadir, however said that the general concern among manufacturers was the difficulty and “most often inability to access the forex they need to purchase machines, spares and critical raw materials that are not locally available.”

The Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, has said that the ongoing review of Nigeria’s trade policy will redefine commerce and trade in the country.

The Minister noted this while receiving a draft copy of the revised Trade Policy in Abuja. According to him, since the extant trade policy was promulgated in 2002, “both Nigeria and the world have witnessed major developments such as; the explosion of E-commerce and digital payments, the agreement establishing the African continental Free Trade Area (AFCFTA) agreement and the withdrawal of the United Kingdom from the European Union (Brexit)”

According to him, earlier this year, the Nigerian Bureau of Statistics had reported that Nigeria recorded 3.2 trillion naira trade surplus between January and June 2022. This is an indicator of positive trade balance where exports outweigh imports.

The Minister, having gone through the draft as presented by the Trade Policy of Nigeria Review committee, expressed satisfaction with the document.



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