Science, Technology Needs N180bn for Three Years — FG

• Science, Technology Needs N180bn for Three Years — FG

The Federal Government has said that it requires N180bn for effective funding of science, technology and innovation in the country in the next three years.

This is contained in a document, National Science, Technology and Innovation Road map 2030.

According to the document, in the short term lasting from 2018 to 2020, the country will require N180bn to fund the sector for the first three years.

It said, “The estimated funding requirement for the short-term NSTIR programme is N180bn over three years, which averages just N60bn per year.

“It should be noted that the budget passed for science and technology for Nigeria in 2014 was a paltry N36bn out of a total national budget of N4.9tn, which was 0.73 per cent of that national budget.

“There has not been much improvement on budget allocation to the STI in Nigeria. An allocation of three to four per cent would be adequate to generate significant advancement to the benefit of Nigeria.”

Outlining the sources of funds, the Federal Government said 15 per cent would come from the National Research and Development Fund and the NSTIR programme.

Other sources are 50 per cent from government allocation; 15 per cent from public and private partnership fund; 10 per cent from international science and promotion; and 10 per cent from venture capital funds.