The Federal Government has allocated N6.21 billion for salaries of workers at the moribund Ajaokuta Steel Company in the proposed 2025 budget.
This represents a 44.76% increase from the N4.29 billion allocated in the 2024 budget.
According to the budget, personnel costs will account for 91.19% of the N6.81 billion allocated to the firm, while N233.63 million will be spent on overhead costs and N366.86 million on capital expenditure.
Minister of Steel Development, Shuaibu Audu, stated that the government is at an advanced stage of raising over N35 billion to restart the Light Mill Section of the Ajaokuta Steel Company.
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