In last week's budget the Chancellor confirmed a "reprofiling," which involves shifting some infrastructure, or capital, spending into defence from other departments.
That has a negative impact on Northern Ireland's budget because of the way the devolution funding formula works.
Northern Ireland gets a population-based share of additional spending allocated to public services in England, so long as those services are devolved.
Defence is not devolved so moving money into it from other areas means the devolved administrations lose out.
Stormont Finance Minister, John O'Dowd, said the loss of almost £120m was "a major blow at a time when additional investment in areas such as critical infrastructure and social housing is urgently needed".
Owen said: "When we look at the thousands of jobs in Northern Ireland coming from defence contracts we can say we are investing in Northern Ireland.
"People across Northern Ireland will be benefiting from that money." The most recent figures, external from the Ministry of Defence (MoD), covering 2024/25, show relatively low spending in Northern Ireland.
In the UK as whole the MoD spent £460 per person on procurement.
In Northern Ireland it was £140....
