In the 2024 budget, the Federal Government has earmarked N4.45 billion for the dormant Ajaokuta Steel Company, surpassing the N3.71 billion allocated in 2023.
The majority of this allocation, over 90%, is dedicated to personnel costs, with about N4.3 billion designated for maintaining staff at the idle steel plant.
The remainder will cover power, water, and equipment maintenance. Additionally, the Ministry of Steel Development has a separate N4 billion for the concession of the steel plant, along with a budget of N200 million to revive both Ajaokuta Steel Company Limited (ASCL) and the National Iron Ore Mining Company (NIOMCO).
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