TUESDAY, 12^th October, 2021: The Federal Government has allocated the sum of N4.2bn to the Ajaokuta Steel Company Limited for the year 2022.

This was revealed in the budget report details obtained from the budget office.

It was also revealed that the steel company had continued to receive regular budgetary allocations and disbursements in the last six years despite being idle, as a total of N20bn had been allocated to the steel company from the periods of 2015 to 2021.

According to the 2022 Budget details report, the sum of N3.9bn was allocated to cover personnel cost, N186.9m was earmarked for capital projects implementation while N75.3m will be expended on overhead.

Under personnel cost, the Federal Government allocated N3bn to salaries and wages while N924.6m was designated for allowance and social contributions.

It also revealed that the government planned to initiate new projects on the inactive establishment.

In the 2022 budget, the sum of N97.2m was allocated for the provision of water facilities, N59.3m for the maintenance of power facilities and N30.5m for lighting safety and security.

The company which was incorporated in 1979 reached 98 per cent completion in 1994, with 40 of its 43 plants having been built before it got stuck, with the remaining two per cent for external infrastructure like waterways and viable ports.