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FG budgets N3.79bn for Ajaokuta Steel Company

23 October 2019
The Federal Government has allocated a total of N3,796,479,657 to the Ajaokuta Steel Complex for 2020. The company has yet to commence full operations several years after it was conceived to drive massive industrialisation in the country. Checks by our correspondent in the proposed budget for the Federal Ministry of Mines and Steel Development on Tuesday showed that the bulk of the money allocated to the company was for personnel cost, for which N3,532,705,883 was budgeted. Payment of salaries will gulp N2,674,375,672, while allowances and social contributions would take N858,330,211. The sum of N3,607,976,033 was earmarked as total recurrent expenditure, while N75,270,150 was budgeted for overhead cost. A total of N3,855,600 will be spent on travels, while N7,820,400 was earmarked for general utilities. Under general utilities, telephone and internet charges will cost the company N2,200,000 and N2,460,000, respectively. The sum of N2,840,400 was budgeted for water rate.
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