The newly established Ministry of Steel Development has allocated N2.6 billion for the mobilization of Ajaokuta Steel Company Limited as part of its N24 billion total budget for 2025. This funding was presented by President Bola Tinubu to the National Assembly in the proposed budget.
In addition, the Ministry has set aside N250 million for the revitalization of both Ajaokuta Steel Company Limited and the National Iron Ore Mining Company (NIOMCO) located in Itakpe.
Ajaokuta Steel Company itself has received a total budget of N6.8 billion, with N6.3 billion earmarked for personnel costs. The company also allocated N2.4 million for overheads, while recurrent expenditures amounted to N6.4 billion, and N3.9 million was set aside for capital investments.
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