The Ministry of Steel Development has requested that its budget allocation for the current fiscal year be adjusted to provide adequate funding to ensure the success of its activities planned for the year.
The ministry made this submission when it presented its 2025 Budget Proposal aimed at revitalising the steel industry in the country to foster economic growth.
During a budget defence session with the Joint Committee on Steel on Friday, January 17, 2025, at the National Assembly in Abuja, the minister, Prince Shaiubu Audu emphasised that the 2025 Capital Budget Proposal outlines a strategic plan for revitalising the steel sector, which is essential for Nigeria’s industrialisation and economic development.
Audu shared that the ministry’s expenditures have been carefully designed to align with the Presidential mandate and the ministry’s mission to enhance local capacity, create jobs and stimulate sustainable development.
He informed the committee that the proposed 2025 budget falls short of what is needed to advance the steel sector and, therefore, requested an increased budgetary allocation. He asserted that adequate funding would reposition the sector for optimal performance.
The minister assured the Joint Committee on Steel Development that any funds allocated to the Ministry would be utilised properly, stating, “Under my watch, the ministry will not misappropriate budgetary allocations.”
Audu further reiterated his commitment to improved supervision of the agencies under the ministry to ensure the prompt discharge of their responsibilities and accountability.
Earlier in the session, the chairman of the Senate Committee on Steel, Senator Patrick Ndubueze expressed his support and collaboration with the ministry, highlighting the steel sector’s critical role in a nation’s industrial development.
In her remarks, the chair of the House of Representatives Committee on Steel, Hon. Zainab Gimba emphasised that developing the steel sector is vital. She acknowledged its significant contribution to revenue generation for the country.
A statement from the ministry’s director of press and public relations signed by Ijomah Opia noted that while acknowledging past issues with corruption and mismanagement that have hindered the sector’s development, the ministry is committed to collaborating with its current leadership to advance the sector.
