The Ministry of Steel Development has allocated N6.04 billion for personnel costs at the Ajaokuta Steel Company Limited (ASCL) in the 2026 appropriation bill, despite the company remaining inactive since the steel plant ceased operations in 1983. The total proposed budget for ASCL stands at N6.68 billion, with N233.1 million earmarked for overheads and N410 million for capital expenditure, leaving the bulk of the allocation to cover salaries. The budget also shows no projected revenue for the company in 2026, indicating it is not expected to generate any income during the year.
Although successive governments have continued to provide annual funding for ASCL, there is limited public information on how the funds are utilised. In October 2025, the federal government announced plans to collaborate with the Republic of China to revive the long-dormant plant, with the Minister of Steel Development, Shuaibu Abubakar, stating that final approval would depend on financial, managerial and technical considerations. However, more than a year later, no further updates have been issued on the proposed revival.