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Ministry of Steel Development Defends Budget, Outlines Revival Efforts

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The Senate Committee on Steel Development has called for greater accountability, transparency, and a clear strategic framework in the revival of the Ajaokuta Steel Complex, as the Honourable Minister of Steel Development presented the Ministry’s 2024 and 2025 budget performance alongside the 2026 budget proposal.

During the budget defence session, the Committee expressed concern over low capital releases, discrepancies in implementation timelines, and delays in tangible progress on critical national steel assets.

2024 Budget PerformanceThe Ministry of Steel Development and its agencies were allocated ₦24.143 billion in the 2024 Appropriation Act.

For the Ministry headquarters, the breakdown included:
₦1.66 billion for personnel
₦383 million for overhead
₦11.06 billion for capital expenditure

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As at December 31, 2025, overall releases stood at 56.5 percent, with 100 percent released recorded for personnel and overhead, but only 48.4 percent for capital projects.
The Committee noted the slow pace of capital implementation and sought clarification on expenditure timelines.

2025 Budget PerformanceFor the 2025 fiscal year, while personnel releases stood at 88.6 percent and overhead releases were partially implemented, the Committee was informed that capital releases remained at zero percent.

Members described the absence of capital funding as a major setback to project execution and sector revitalization efforts.

2026 Budget Proposal
The Ministry proposed ₦21.52 billion for the 2026 fiscal year, with approximately 70 percent categorized as carryover obligations.

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The Committee emphasized that the 2026 budget must be prioritized:
Completion of ongoing projectsMeasurable outputs and value for moneyInstitutional strengtheningStrategic private sector participationAlignment with national development prioritiesLawmakers cautioned that the 2026 proposal would be rigorously reconciled with 2025 performance records.

Ajokuta Steel Complex: Strategy Under Review
A significant portion of the engagement focused on the revival of Ajaokuta Steel Complex.

The Minister disclosed that a Memorandum of Understanding (MoU) signed in September 2024 with a Russian consortium did not progress as expected, citing funding constraints linked to the Russia–Ukraine conflict.

He stated that the estimated cost of revamping Ajaokuta ranges between $1.5 billion and $5 billion, far exceeding current budgetary allocations.

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He further informed the Committee that discussions have since been pivoted to Chinese investors, citing their technical capacity, speed of execution, and financing strength.

Negotiations, he noted, remain at an advanced stage pending necessary approvals.

However, Committee members raised concerns regarding:
Due diligence on previous consortium arrangements
Limited access to signed MoUs
Lack of clear timelinesOver-reliance on foreign investors
Several lawmakers proposed alternative funding models, including:
Raising funds through the Debt Management Office (DMO)
Activating specific production lines independently
Leveraging public-private partnerships with domestic industrial investors

The Committee stressed that the revival of Ajaokuta must not be approached as a blanket privatization but through a phased and strategic framework that protects national interest.

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Oversight and Security Concerns
The Committee also expressed concern over its inability to conduct oversight visits to Ajaokuta and NIOMCO due to reported security challenges. Members directed that adequate arrangements be made to facilitate oversight before the end of the second quarter of the year.

NIOMCO and Sector Coordination
Debate also arose regarding the placement of the National Iron Ore Mining Company (NIOMCO). While some members suggested transferring NIOMCO to the Ministry of Solid Minerals to leverage exploration funding, the Minister maintained that NIOMCO and Ajaokuta function as integrated components of the steel value chain and should remain under the same supervisory framework.

Legislative Action
The Committee queried the status of the Metallurgical Industry Bill, noting that the referenced version originated from the Ninth Assembly and is no longer active. The Ministry was urged to resubmit an updated bill to the current Assembly without delay.

Commitment to Collaboration
In closing, the Senate Committee assured the Ministry of continued collaboration and constructive oversight, while reiterating that accountability, transparency, and performance remain non-negotiable.

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The Committee affirmed its determination to ensure that Nigeria’s steel sector fulfills its strategic role in industrialization, employment generation, infrastructure development, and economic diversification

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Nigeria Celebrates Congo at 66, Seeks Stronger Economic and Diplomatic Ties

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By Gloria Ikibah

The Federal Government of Nigeria has congratulated the Republic of Congo on its 66th National Day Anniversary, reaffirming its commitment to strengthening bilateral relations and expanding cooperation in key sectors, including trade, energy, agriculture, infrastructure and manufacturing.

In a statement issued by the Spokesperson of Ministry of Foreign Affairs on Saturday, Nigeria joined the people of Congo in celebrating the country’s independence anniversary, describing the occasion as a significant milestone in the nation’s history.

The statement noted that the anniversary commemorates Congo’s attainment of independence on 15 August 1960 and acknowledged the country’s progress in promoting peace, stability and national development.

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“Nigeria joins the Congolese people in commemorating this significant national occasion, which marks the attainment of independence on 15 August 1960. On this occasion, Nigeria recognises the resilience and the progress made by the Congolese people in advancing national development, peace, stability and prosperity,” the statement read.

The Federal Government said relations between both countries have remained cordial and have continued to thrive on the principles of mutual respect, African solidarity, shared values and common interests.

According to the ministry, Nigeria and Congo remain committed to promoting multilateral cooperation and advancing the ideals of African unity and integration.
Nigeria also commended Congo for its role in promoting regional peace and diplomacy across the continent.

“Nigeria particularly appreciates the Republic of Congo’s constructive contributions to regional peace, stability and African diplomacy. Nigeria remains committed to working closely with Congo and other African partners in promoting dialogue, mediation and African-led approaches to conflict resolution,” the statement added.

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The government identified trade and investment as major areas for future collaboration, noting that there are significant opportunities for both countries to deepen economic cooperation.

The ministry said stronger partnerships in sectors such as energy, agriculture, infrastructure, transportation, mining and manufacturing will boost investment, encourage technology transfer and create employment opportunities.

“The Federal Government of Nigeria also sees significant opportunities for strengthening bilateral economic relations, particularly in trade and investment, energy, agriculture, infrastructure, transportation, mining and manufacturing.

“Greater interaction between the private sectors of both countries would promote investment, technology transfer, employment creation and the movement of goods, services and expertise,” the statement said.

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Nigeria also emphasised the importance of strengthening people-to-people relations through greater collaboration in education, culture, tourism, sports, youth development and professional exchanges.

According to the government, such partnerships would deepen mutual understanding and further strengthen the longstanding friendship between the people of both countries.

The ministry further stressed that, as members of the African Union, Nigeria and Congo share a common vision for sustainable development and regional integration.

“Nigeria welcomes greater collaboration in sustainable development, value addition, technology transfer, employment creation and regional economic integration, and remains committed to strengthening its partnership with Congo within the framework of the African Union and other regional and international organisations,” the statement said.

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Reaffirming Nigeria’s commitment to closer ties, the government said it looked forward to working with Congo to address issues of mutual interest at both continental and global levels.

“As Congo marks this important anniversary, Nigeria recognises the resilience and contributions of successive generations of Congolese to national development and renews its commitment to a peaceful, prosperous and stronger Africa.

“The Government of Nigeria looks forward to working closely with the Government of the Republic of Congo to expand bilateral cooperation and address issues of mutual interest at the continental and global levels,” the statement added.

Nigeria extended its best wishes to the government and people of Congo, expressing hope for continued peace, stability, prosperity and sustainable development.

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Osun Decides: We’re monitoring INEC boss from all sides— Peterside 

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President of the ANAP Foundation and founder of Stanbic IBTC Bank, Atedo Peterside, has said that Nigerians are monitoring Chairman of the Independent National Electoral Commission (INEC), Professor Joash Amupitan, as he oversees the Osun State governorship election.

Peterside made this revelation on Saturday while appearing on an Arise TV programme focused on the Osun governorship election, stressing that the conduct of the poll would be closely watched by Nigerians.

He said the outcome of the election would provide an important indication of INEC’s level of preparedness ahead of the 2027 general elections.

According to him, the Osun election would serve as a “link pin” to the 2027 elections, but Nigerians should not assume that a successful poll in Osun would automatically guarantee a successful general election in 2027.

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“Osun will serve as a link pin to the 2027 election, and Nigerians should not go with the notion that because Osun was successful, then automatically the 2027 general election will be successful,” he said.

Peterside also warned against deliberate delays in the electoral process, particularly in areas considered to be strongholds of a particular candidate.

He said any deliberate attempt to delay voting or the transmission of results in such areas could raise serious questions about the integrity of the electoral process.

“In a situation where an election is deliberately delayed because it is a weak area for a particular candidate, clearly, it is a form of rigging,” he said.

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He added that claims of technical glitches or other problems during the process should be carefully scrutinised, noting that such incidents could undermine public confidence in the election.

Peterside further expressed the expectation that, barring any unforeseen circumstances, election results should be uploaded promptly after voting and collation.

“All things being equal, by 5pm or 6pm, we expect that all the results must have been uploaded, as we experienced in 2023,” he said.

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Police Bust Human Parts Syndicate in Oyo, Nab 10, Recover Heart, Skull

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The Oyo State Police Command has nabbed 10 suspected members of a human parts trafficking syndicate and recovered suspected human remains, including a heart and pieces of a skull, during an intelligence-led operation in the state.

The suspects were arrested at their various hideouts in Iseyin and Saki areas of Oyo State following months of intelligence gathering, discreet surveillance and monitoring by operatives of the Command’s Monitoring Unit.

The suspects were identified as Adam Ibrahim, 42; Nasiru Kabiru, 22; Tijani Wasiu, 54; Abiola Nasiru, 45; Amusa Gbadamosi, 57; Raheem Taofeek, 46; Jimoh Muritala, 35; Suleiman Busari, 47; Ganiyu Nurudeen, 36; and Usman Abdullahi, 52.

According to the police, searches conducted at the suspects’ hideouts led to the recovery of several suspected human parts, including one suspected human heart, human flesh, pieces of human skull and assorted charms.

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The Command said the recovered items had been secured as exhibits and would undergo forensic examination as investigations continue.

The suspects reportedly confessed during interrogation to varying degrees of involvement in the alleged trade in human parts for ritual purposes. The police said they were also assisting investigators in tracing the source of the recovered items, as well as establishing how they were procured and their intended use.

The Command added that efforts were ongoing to identify and apprehend other members of the alleged syndicate.

The Commissioner of Police in Oyo State, CP Abimbola Ayodeji Olugbenga, commended the operatives for the successful intelligence-led operation and their painstaking efforts in tracking down the suspects.poli

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He assured residents that the Command would continue to intensify its efforts to combat criminal activities and protect lives and property across the state.

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