Economy
Steel Ministry earmarks N2.6bn on Ajaokuta Steel’s investment preparation
Ministry of Steel Development has earmarked N2.6 billion on the project preparation for investment mobilization for Ajaokuta Steel Company Limited out of the total budgetary allocation of N24 billion as contained in the 2025 proposed budget presented by President Bola Tinubu to the National Assembly. The Ministry also earmarked N250 million for the revitalization of Ajaokuta Steel Company Limited and National Iron Ore Mining Company, NIOMCO, Itakpe.
Meanwhile, Ajaokuta Steel Company Limited out of its total budgetary allocation of N6.8 billion allocated N6.3 billion for personnel cost, and also earmarked N2.4 million for overhead; recurrent gulped N6.4 billion; and capital got N3.9 million.
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