The Ministry of Steel Development has presented its 2025 budget proposal to the National Assembly, emphasizing the need for adequate funding to revitalize the steel industry and drive economic growth.
Speaking at the Joint Committee on Steel’s budget defense session recently in Abuja, Minister of Steel Development, Prince Shaiubu Abubakar Audu, highlighted the strategic focus of the capital budget proposal. He underscored the sector’s critical role in Nigeria’s industrialization and economic advancement.
Prince Audu stated that the Ministry’s expenditure framework aligns with the presidential mandate and its mission to enhance local capacity, generate employment, and promote sustainable development. However, he noted that the current budget allocation falls significantly short of what is required to transform the sector.
He, therefore, appealed for increased funding, stressing that adequate financial support would reposition the industry for optimal performance.
The Minister assured the committee that all allocated funds would be judiciously utilized, emphasizing that under his leadership, there would be zero tolerance for financial mismanagement.
Reaffirming his commitment to accountability, Audu also pledged to strengthen oversight of agencies under the Ministry to ensure efficiency and transparency in their operations.
The Chairman of the Senate Committee on Steel, Senator Patrick Ndubueze, reiterated the committee’s unwavering support for the Ministry. He emphasized that the steel sector is a cornerstone of national industrialization and economic progress.
READ ALSO: IGP Warns Against Unorganized Distribution Of Palliatives, Funfairs
Vanguard Slams GTBank Over Alleged Fraud, Calls for Government Intervention
The Chairperson of the House of Representatives Committee on Steel, Honourable Zainab Gimba, affirmed the sector’s crucial role in revenue generation.
She acknowledged past challenges, including corruption and mismanagement, that had hindered its development. However, she assured the committee’s commitment to collaborating with the Ministry’s leadership to advance the sector’s growth.
