Steel Sector: Ministry Present 2025 Budget To NASS, Solicits For Adequate Funding
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Nigeria’s Ministry of Steel Development has presented its 2025 Budget Proposal for the revitalization of the Steel industry in the country for economic growth as well as solicited for adequate funding of the Sector.
The Minister, Prince Shaiubu Abubakar Audu speaking at the Joint Committee on Steel Budget Defense Proposal of the Ministry on Friday 17th January 2025 at the National Assembly, Abuja, noted that the 2025 Capital Budget Proposal outlines the strategic approach of the Ministry’s plan to revitalize the Steel Sector, which is an essential driver for Nigeria’s industrialization and economic growth.
Prince Audu disclosed 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 told the Committee that the Ministry’s 2025 Budget Proposal is a far cry of what is needed to move the steel sector forward and therefore, solicited for increased Budgetary Allocation, adding that adequate funding would help reposition the sector for optimal performance.
The Honourable Minister assured the Joint Committee on Steel Development that funds allocated to the Ministry will be properly utilized, noting that “never at his watch will the Ministry misappropriate budgetary allocation to it”
Speaking further, the Honourable Minister reiterated his commitment towards improved supervision of the Agencies under the Ministry to ensure prompt discharge of their responsibilities and accountability.
Earlier, in his remarks, the Chairman, Senate Committee on Steel, Senator Patrick Ndubueze, while assuring the Ministry of its support and collaboration at all times, stated that the Steel Sector plays a pivotal role in a nation’s development towards industrialization.
In her comment, Chairman, House of Representatives Committee on Steel, Honourable Zainab Gimba, stated that the development of the steel sector is sacrosanct. She acknowledged the contribution of steel development to revenue generation for the country. However, she pointed out that corruption and mismanagement has largely affected the development of the Steel sector in the past and assured the Committee’s commitment to collaborate with the present leadership of the Ministry to move the sector forward.
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