The federal government has allocated over N4 billion for the resuscitation of the Ajaokuta Steel Company. The allocation is contained in the 2017 appropriation budget which was presented to the National Assembly in December by President Muhammadu Buhari.
According to the breakdown, a total sum of N4,272,797,371 was appropriated, higher than the N3.9 billion budgeted for 2016. Minister of Mines and Steel Development, Dr. Fayemi Kayode, had reiterated the commitment of the federal government to settle all litigations between it and Global Steel Holdings Limited, as regards the steel company.
The company is Nigeria leading steel plant, and was intended to be the leading supplier of quality steel products in all the major economic sectors including construction, packaging and wire drawing/nail making industry.