FG Does Not Have Enough Money To Complete The Ajaokuta Project

The Federal House of Representatives ran into some sort of disagreement with the Minister of State for Solid Minerals Development, Mr. Abubakar Bwari, over the Ajaokuta Steel Company Limited.
The mild disagreement happened when the ad-hoc committee of the House chaired by the Majority Leader, Mr. Femi Gbajabiamila, opened a public hearing on the embattled steel plant.

The diplomatic disagreement is over the Federal Government’s plan to concede the plant to private investors in a bid to restore the steel plant. Three months ago, the House of Reps speedily passed two bills in a bid to stop the concession. They urged the Federal government to instead complete the plant as a going public asset.

Addressing the ad-hoc committee on Monday, Bwari said that the government could not complete the plant because it could not afford the cost. Bwari said: “With concession, the government will not put more money, but will appoint a reputable transaction adviser to move forward. Right now, the government does not have the funds. It is important that we hand it over to those who have the resources.”

Photo Credit: Getty