2025 budget: Steel minister seeks improved funding

The Minister of Steel Development, Prince Shuaibu

, has called for adequate funding to support the ministry’s developmental initiatives.

The Ministry of Steel Development has submitted its 2025 Budget Proposal, outlining plans for revitalizing the nation’s steel industry to drive economic growth.

Prince Audu, who made the call during the Joint Committee on Steel Budget Defense Proposal of the Ministry at the National Assembly, Abuja, emphasized the need for increased funding to ensure the sector’s progress.

In a statement released by the ministry’s information officer, Ijomah E. Opia, the ministry 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.

He explained that the proposed expenditures align with the Presidential mandate and the Ministry’s mission to boost local capacity, generate jobs, and promote sustainable development.

Addressing the committee, the Minister expressed concerns about the insufficiency of the proposed budget allocation, stating that it falls short of what is required to advance the sector.

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He appealed for increased budgetary allocation, underscoring that adequate funding is critical for repositioning the steel industry for optimal performance.

The 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.”

He also reaffirmed his commitment to improving the supervision of agencies under the Ministry to ensure accountability and effective delivery of their responsibilities.

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 industrialisation.

The Chairperson of the House of Representatives Committee on Steel, Honourable Zainab Gimba, said that the development of the steel sector is sacrosanct.

She acknowledged the contribution of steel development to revenue generation for the country.

She pointed out that corruption and mismanagement have 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.