The Ministry of Steel Development has earmarked N2.6 billion for the project preparation of Ajaokuta Steel Company Limited, as part of the 2025 proposed budget.

An additional N250 million has been allocated for the revitalization of Ajaokuta Steel Company Limited and National Iron Ore Mining Company, NIOMCO, Itakpe.

According to the Minister of Steel Development, “The allocation of N2.6 billion for project preparation is a significant step towards reviving the Ajaokuta Steel Company.

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We are committed to making the company operational and contributing to the country’s economic growth.”

The total budgetary allocation for the Ministry of Steel Development stands at N24 billion. Ajaokuta Steel Company Limited has allocated N6.3 billion for personnel costs, with N2.4 million set aside for overhead costs.

The company’s recurrent expenditure totals N6.4 billion, while capital expenditure amounts to N3.9 million.

“This budget allocation demonstrates our commitment to the steel sector and its potential to drive economic growth,” said the Minister.

“We will work tirelessly to ensure that the funds are utilized efficiently and effectively to achieve our goals.”

This development comes as the Federal Government continues to explore ways to revive the Ajaokuta Steel Company, which has been dormant for over 42 years.

Despite its inactive status, the company has consistently received substantial budget allocations, with personnel costs accounting for over 91% of its 2025 budget.