“National Assembly Approves Increased Budget for Ministry of Steel Development Amid Economic Growth Plans”
The National Assembly, through its Joint Committee on Steel Development, has directed an upward review of the 2025 budget for the Ministry of Steel Development. This follows a presentation by the Minister of Steel Development, Mr. Shuaibu Audu, who outlined the ministry’s financial needs for optimal performance.
During the presentation, Audu highlighted the disparity between the initial budget allocation of N24 billion and the ministry’s requested N315 billion. He emphasized that the steel sector plays a critical role in Nigeria’s economic growth, particularly in terms of Foreign Direct Investment (FDI), government revenue, and foreign exchange earnings. As a result, the ministry requested an additional N33.031 billion for priority projects and interventions, such as the establishment of Scrap Collection Centres across the country.
In response, the Joint Committee, led by Sen. Patrick Ndubueze (APC – Imo North), granted the ministry’s request for an increase, acknowledging the importance of the steel sector in diversifying Nigeria’s economy. The committee also expressed concern about the challenges related to Scrap Metal in Nigeria and called for more focused efforts to address the issue.
Rep. Zainab Gimba, Co-Chairman of the committee and representative of Bama/Ngala/Kala Balge Federal Constituency, proposed a motion for a meeting between the ministry, the Minister of Budget and Economic Planning, and the joint committee. This would facilitate collaboration on the budget review process and ensure the ministry receives the necessary support to fulfill its mandate.
Audu reiterated that one of the ministry’s primary goals for 2025 is to complete the revival of the Ajaokuta Steel Complex and the National Iron Ore Mining Company (NIOMCO) in Itakpe, projects critical for the country’s steel industry and overall economic development.
The committee’s approval of the budget increase reflects a shared commitment to strengthening the steel sector and boosting Nigeria’s industrial capacity for economic growth.
