More Africa NewsNigeria: The 2023 budget of the Federal Ministry of Communications and Digital Economy set at 106.5 million USD

October 20, 2022by myles0

The contribution of the ICT sector to Nigeria’s economy has followed a growing trend in recent years. The government attributes this to its administration’s commitment to developing the digital economy, and creating an enabling environment, among others.

Nigeria’s Federal Ministry of Communications and Digital Economy plans to spend N46.48 billion (USD 106.5 million) on its activities in 2023. down 70.93% from the N159.87 billion that was allocated to the ministry for the financial year 2022.

The government plans, we learn, to devote 31.23 billion naira to personnel costs, 910 million to overheads, and 14.34 billion naira to investment projects.

The reduction in the budget of the Ministry of Communications and the Digital Economy comes as the information and communication technology (ICT) sector is growing. According to figures from the National Bureau of Statistics (NBS), the sector contributed 18.44% to Nigeria’s real gross domestic product (GDP) in the second quarter of 2022. This figure is higher than its contribution in the same quarter of 2022. previous year, when it was 17.92%, and higher than the previous quarter, when it was 16.20%.

In terms of projects in the ICT sector, the government plans to spend 500 million naira on the construction of a technology park; N105 million for satellite broadband and rural connectivity; 500.4 million naira for the acquisition of a second satellite and 9.9 billion naira for the Nigerian identification project for development, among others.

Source: Agence Ecofin

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