During the 2024 budget defense session of the Ministry of Innovation, Science, and Technology, the joint Senate and House of Representatives Committee on Science and Technology emphasized the need for greater funding in the science, technology, and innovation (STI) sector. The committee asserted that increased investment in this sector is crucial for national development, particularly in an era where global attention is shifting towards the knowledge economy and value addition.<\/p>\n
Senator Aminu Iya Abbas, Chairman of the Senate Committee on Science and Technology, expressed concern about the relatively modest size of the Ministry’s budget. He underscored the commitment of the 10th National Assembly to legislate on matters that would ensure the nation’s adherence to STI policies. Abbas urged a review of the current funding status for the sector, advocating for alternative means of financing.<\/p>\n
He stated, “As such, the joint Committee is advocating for adequate funding. The current budgeting style of the Ministry of Science and Technology and all its parastatals must be reviewed.” Abbas emphasized the importance of addressing ongoing projects without a completion period in sight and urged a more dynamic budgeting approach.<\/p>\n
Deputy (Acting) Chairman, Hon. Jonathan Ajiroghene, noted Nigeria’s lag in meeting the 2007 Africa Heads of State Agreement to allocate 1% of GDP to STI. While commending the Minister of Innovation, Science, and Technology, Uche Nnaji Geoffrey, for improved capital allocation in 2024, Ajiroghene stressed the need for a strategic course that propels the nation toward sustained economic growth and global competitiveness.<\/p>\n
Minister Nnaji presented the Ministry’s budget proposals, revealing allocations of N6.2 billion for capital expenditure, N1 billion for personnel costs, and N726.4 million for overhead costs in the 2024 financial year. While expressing the budget’s focus on lifting 100 million Nigerians out of poverty, Nnaji acknowledged the absence of an allocation for the implementation of the presidential executive order five on science and innovation.<\/p>\n","protected":false},"excerpt":{"rendered":"
During the 2024 budget defense session of the Ministry of Innovation, Science, and Technology, the joint Senate and House of Representatives Committee on Science and Technology emphasized the need for greater funding in the science, technology, and innovation (STI) sector. The committee asserted that increased investment in this sector is crucial for national development, particularly […]<\/p>\n","protected":false},"author":11,"featured_media":10013,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-10012","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10012","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=10012"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10012\/revisions"}],"predecessor-version":[{"id":10038,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/10012\/revisions\/10038"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/10013"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=10012"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=10012"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=10012"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}