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 directive was announced by the committee’s chairman, Senator Patrick Ndubueze (APC – Imo North), following the presentation of the ministry’s 2025 budget estimate by the Minister of Steel Development, Mr Shuaibu Audu.
During his presentation, Audu requested an increase in the ministry’s budgetary allocation to enable it to function effectively. The ministry had initially requested a budget of N315 billion but was allocated only N24 billion for 2025. Salamatu Jibaniya, the ministry’s Head of Information and Public Relations, disclosed this on Thursday in Abuja. She explained that the ministry sought the committee’s collaboration for additional proposed interventions.
“The joint committee granted the ministry’s request for an increase due to the critical role of the steel sector in the growth and diversification of Nigeria’s economy, as well as issues of scrap metal in Nigeria,” Jibaniya said.
The chairman of the committee, Senator Ndubueze, emphasised the need for establishing Scrap Collection Centres across the six geopolitical zones of the country. This, he explained, would safeguard public infrastructure and boost steel production.
In response, the committee urged the Minister of Budget and Economic Planning to collaborate with the ministry and the committee to review the budget and ensure the steel ministry’s mandate is fulfilled. Following the adoption of the budget, the committee’s Co-Chairman, Representative Zainab Gimba, who represents Bama/Ngala/Kala Balge Federal Constituency, moved a motion for a joint meeting involving the committee, the ministry, and the Minister of Budget and Economic Planning.
“So, I am now moving a motion that we invite the Director-General and Minister of Budget and Economic Planning to interface with the ministry and the joint committee. This is to see how the budget of the Ministry of Steel Development and other relevant agencies will be scaled up to enable them to achieve what is expected of them,” she said.
Earlier, in his presentation, Mr Audu outlined the ministry’s key targets for 2025. These include attracting Foreign Direct Investments, increasing government revenue, and boosting foreign exchange earnings from the steel sector. He also highlighted plans to revitalise the entire steel sector, complete the revival of the Ajaokuta Steel Complex, and finish work on the National Iron Ore Mining Company in Itakpe.
“We made a request for N315 billion of which we were given a capital budget appropriation of N8.3 billion. This is a very far cry from what is required to get some of the projects off the ground and also increase the valuation of the assets in the process of privatisation. For the purpose of the joint committee, we are asking for additional proposed intervention totalling N33.031 billion for priority projects, and also based on the declaration of a state of emergency on scrap collection centres,” he said.
