By Jemimah Wellington, JKNewsMedia
THE INADEQUACY of funding for Nigeria’s steel sector has prompted the National Assembly’s Joint Committee on Steel Development to demand an upward revision of the Ministry of Steel Development’s 2025 budget.
The call follows the ministry’s presentation of its initial budget of N24 billion, far below its requested N315billion allocations.
The committee’s chairman, Senator Patrick Ndubueze (APC – Imo North), stressed the need to bolster the steel sector due to its pivotal role in Nigeria’s economic diversification and industrial growth.
Minister of Steel Development, Mr. Shuaibu Audu, had earlier detailed the ministry’s primary objectives, which include attracting foreign direct investments, boosting government revenue, and reviving key projects such as the Ajaokuta Steel Complex and the National Iron Ore Mining Company (NIOMCO) in Itakpe.
The ministry highlighted the importance of additional funding to implement critical projects, including the establishment of Scrap Collection Centres across Nigeria’s six geopolitical zones.
These centres aim to tackle issues of metal theft, safeguard public infrastructure, and enhance local steel production.
Salamatu Jibaniya, the ministry’s Head of Information and Public Relations, explained that the committee recognised the urgency of the ministry’s request and its alignment with national economic priorities.
To address these needs, Jibaniya explained that the committee urged collaboration between the Ministry of Budget and Economic Planning, the Steel Ministry, and the joint committee to secure adequate funding.
The Co-Chairman, Rep. Zainab Gimba, representing Bama/Ngala/Kala Balge Federal Constituency, proposed a motion to convene a meeting involving all relevant parties.
“This will ensure the budget is scaled up to meet expectations and enable the steel ministry to achieve its mandate,” she said.
Minister Audu had earlier outlined the ministry’s proposed additional intervention of N33.031 billion for priority projects.
He reiterated the necessity of increased funding to execute critical initiatives, improve the valuation of assets undergoing privatisation, and tackle the challenges facing the steel sector.
The committee’s recommendations signal renewed efforts to revitalise Nigeria’s steel industry, a sector viewed as crucial to economic diversification and industrialisation.
