The Ministry of Steel Development has called for adequate funding for the revitalisation of the Steel industry in the country.
Its minister, Shaiubu Audu made the plea while appearing before thd National Assembly Joint Committee on Steel Budget Defense.
He noted that the 2025 capital budget proposal outlines the strategic approach of the ministry’s plan to revitalise the Steel Sector, which is an essential driver for Nigeria’s industrialisation and economic growth.
Audu disclosed that the ministry’s expenditures have been carefully designed to align with the presidential mandate and the ministry’s mission to enhance local capacity, create jobs and stimulate sustainable development.
He told the Committee that the ministry’s 2025 budget proposal was a far cry of what is needed to move the steel sector forward and therefore, solicited for increased budgetary allocation.
Audu was of the opinion that adequate funding would help reposition the sector for optimal performance.
The minister reiterated his commitment towards improved supervision of the Agencies under the Ministry to ensure prompt discharge of their responsibilities and accountability.
Earlier, the Chairman, Senate Committee on Steel, Senator Patrick Ndubueze, while assuring the ministry of its support said the steel sector plays a pivotal role in a nation’s development towards industrialization.
In her comment, Chairman, House of Representatives Committee on Steel, Hon. Zainab Gimba noted that the development of the steel sector is sacrosanct.
However, she pointed out that corruption and mismanagement has largely affected the development of the steel sector in the past.