The newly established Steel Ministry Development has set aside N2.6 billion for project mobilisation for Ajaokuta Steel Company Limited, out of a total budgetary allocation of N24 billion in President Bola Tinubu’s 2025 proposed budget to the National Assembly.
The ministry has also allocated N250 million for the revitalisation of Ajaokuta Steel Company Limited and the National Iron Ore Mining Company, NIOMCO, Itakpe.
Meanwhile, Ajaokuta Steel Company Limited set aside N6.3 billion from its overall budgetary allocation of N6.8 billion for human costs, as well as N2.4 million for overhead, while recurring expenses consumed N6.4 billion and capital received N3.9 million.
