Politics
THE National Assembly through its Joint Committee on Steel Development, has directed an upward review of the 2025 budget for the Ministry of Steel Development.
Chairman of the committee, Sen. Patrick Ndubueze (APC -Imo North), declared this, after the Minister, Mr Shuaibu Audu presented the ministry’s 2025 budget estimate before it.
Audu in his presentation, sought an increase in the ministry’s budgetary allocation to enable it perform optimally, after it was given a 2025 budgetary allocation of N24 billion, as against its initial request of N315 billion.
This was disclosed by the ministry’s, Head of Information and Public Relations, Salamatu Jibaniya, on Thursday in Abuja.
Jibaniya said the ministry was before the committee to seek its collaboration for additional proposed intervention.
She said the joint committee granted the ministry’s request for an increase due to the critical role of the steel sector in the growth and diversification of Nigeria’s economy, as well as issues of Scrap Metal in Nigeria.
She said the chairman called for the establishment of Scrap Collection Centres across the six geopolitical zones of the country to safeguard public infrastructure and boost steel production.
In response to the development, the committee urged the Minister of Budget and Economic Planning to collaborate with it and the ministry in the review to ensure fulfillment of the steel ministry’s mandate.
The ministry’s spokesperson said that following adoption of the budget, the Co-Chairman, Rep. Zainab Gimba, representing Bama/Ngala/Kala Balge Federal Constituency, moved a motion for a meeting between the joint committee, the ministry , and the minister of budget and economic planning .
“So, I am now moving a motion that we invite the Director-General and minister of budget and economic planning to interface with the ministry and the joint committee.
“This is to see how the budget of the ministry of steel development and other relevant agencies will be scaled up to enable them to achieve what is expected of them,” she said.
In his earlier presentation, Audu stated that the ministry’s main targets for 2025 were to attract Foreign Direct Investments (FDI), boost government revenue, and increase foreign exchange earnings from the steel sector.
He added that the target also included revitalising the entire steel sector and completing the revival of the Ajaokuta Steel Complex and the National Iron Ore Mining Company (NIOMCO) in Itakpe.
“We made a request for N315 billion of which we were given a capital budget appropriation of N8.3 billion.
“This is a very far cry from what is required to get some of the projects off the ground and also increase the valuation of the assets in the process of privatisation.
“For the purpose of the joint committee, we are asking for additional proposed intervention totalling N33.031 billion for priority projects, and also based on the declaration of a state of emergency on scrap collation centres,” he said.(NAN)
Photo Caption: From Left: The Permanent Secretary, Ministry of Steel Development, Dr. Chris Osa Isokpunwu, the Minister of Steel Development, Prince Shuaibu Audu and the Director Minerals Resources and Investment Promotion Department of the Ministry, Mr Imeh Ikrikpo, at the re-presentation of the Ministry’s Budget before the Joint Committee on Steel at the National Assembly
23rd January, 2025.
C.E.
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