Gbajabiamila announced this at a public hearing on the Armed Forces Support Trust Fund (Establishment) bill organized by the House Committee on Defense in Abuja on Monday.
Gbajabiamila said the record was about the appropriation proves that 91 percent of the current resources of the armed forces are spent on recurring overheads, salaries and social benefits.
“This law aims to provide the armed forces of Nigeria with additional capital at a crucial point in time in our nation / p>
“I’m sure many of you will be wondering why the armed forces of Nigeria need an additional financial injection at this point.
” The fact based on appropriation records is that around 91 Percent of current funding for the armed forces is used for recurring overheads, salaries and benefits, and only nine percent for capital purchases remain.
“This reality has led this 9th House of Representatives to seek a way to allocate funds that focus on capital needs and training our arm ed forces,” he said. p>
Gbajabiamila said the importance of the law is demonstrated by the dwindling resources available to Nigeria’s armed forces to pursue the various security operations in which they are involved.
According to him, this requires innovative ideas to raise additional funds without burdening Nigerians to support the Nigerian military.
Gbajabiamila said Nigeria’s spending on military hardware and training in the The last five years mean between nine and eleven percent of the armed forces allocation.
He said it was grossly incapable of enabling the military to face the security challenges facing the country, particularly the uprising in the north East.
Gbajabiamila said the Nigerian armed forces need more funding for modern weapons and training in order to be successful in the fight against insecurity.
He said spending on military hardware Needs to definitely increase the zeal to support a. The commitment has already been shown by the soldiers.
The spokesman said the bill was a limited-time endeavor, the equipment infra To improve the structure of the armed forces.
According to him, if Nigeria needs to develop, we need to make sure that our armed forces are adequately equipped and well trained. This requires funding that cannot come solely from annual budgetary provisions.
Gbajabiamila said that countries during the war do not finance their military through regular appropriation alone, as is the case in the United States, the United Kingdom and in the United Kingdom the whole of the West is the case with powers dealing with extra budgetary resources.
“Nigeria is at war against insurrections, terrorism, kidnappings and all kinds of insecurity. Therefore, the resources available to our armed forces need to be increased so that they can procure the best tools to win this war.
“So what we want to do in this bill is not new or unique to us as a nation; Solving our security challenges requires asymmetrical measures in many policy areas. We tried to do this as representatives of the people.
“The concept of a trust fund already exists for the Nigerian police. It only makes sense to also strengthen our military capabilities through this unique vehicle, “he said.
In his remarks, Chairman, House, Defense Committee of the House of Representatives, Rep. Benson Babajimi (APC-Lagos)) said, that the bill seeks to explore alternative sources of funding for the armed forces.
He said the need to raise additional funding for the military had become apparent given the multitude of security challenges facing the country.
According to him, only about nine percent of the annual budget allocation is available for investments in the military; A large portion is used for recurring expenses.
The representative said the Nigerian armed forces have continued to expand and that adequate weapons and equipment must be provided to sustain the ever-expanding operations.
Babajimi said past efforts to find the weapons needed to adequately address insecurity had hit the wall due to insufficient funding.
He said that when it comes to defense spending, Nigeria is making a big difference Low Rank and Developed Countries like the US, Russia, the UK and Poland all have alternative sources of funding for defense.
Legislators said Nigeria is spending $ 2.6 billion , after Algeria, Morocco and South Africa, who are spending $ 9.7 billion, $ 4.8 billion and $ 3.1 billion, respectively.
Given the security challenges, the When the country faces today, the Fund seeks to have a robust, efficient, well trained and equipped armed forces.
The Chairman said the House will stop at nothing to ensure that t The Nigerians are in safety and their property secured across the country.
Dr. Charles Omole, the special assistant to the spokesman for national security and intelligence, said the bill does not impose any additional responsibilities or taxes on businesses in the country.
He stated that the revenue for the fund comes from legal deductions as well as voluntary donations to individuals or organizations.
Omole said the bill specifically states that the funds will only be spent on equipment and special training for military personnel.
He said that the bill provides that the fund will run for five years and must be renewed if the National Assembly deems appropriate.
Omole said the bill will oblige the fund as much as possible ensure the use of locally manufactured defense equipment and also make room for imports.