In a significant financial outlook, the Industrial Training Fund (ITF) anticipates a substantial revenue of N66.4 billion for the upcoming fiscal year, marking a positive trajectory.
Reports indicate that the ITF has already achieved a noteworthy N51.344 billion in revenue as of the third quarter of 2023, surpassing the initial projected revenue of N48.8 billion for the entire year.
Dr. Afiz Oluwatoyin Ogun, the Director-General of the Fund, unveiled these projections during a session with the Senate joint committee tasked with scrutinizing the 2024-2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
Providing insights through the agency’s Director of Finance and Accounts, Safiya Atta Mansoor, Dr. Ogun highlighted that a substantial N14 billion had already been remitted into the Consolidated Revenue Fund from the generated revenue.
To bolster revenue streams, the ITF DG outlined plans to introduce the National Artisans Registration and Development Programme. This initiative aims to register artisans nationwide and enhance their collective operational efficiency.
Dr. Ogun expressed concern about the increasing dominance of foreign nationals, such as Beninese, Ghanaians, and Togolese, in the artisan sector. He affirmed that the upcoming program, under his leadership, aims to empower Nigerian artisans and open up more suitable job opportunities for them.
However, the joint committee emphasized the need for the agency to address slight discrepancies detected in the submitted reports. Specifically, they urged the finance department to rectify these inconsistencies to ensure accurate and transparent financial reporting.
