NIGERIAN LAWMAKERS OPPOSE SELLING OF AJAOKUTA STEEL COMPANY

Nigerian House of Representatives oppose selling of Ajaokuta Steel company by Federal Government.

The Central Bank of Nigeria (CBN) governor Mr. Godwin Emefiele, recently also confirmed that the federal government is planning to sell the Ajaokuta Steel Company. He made the announcement while addressing Nigerian delegation at the  International Monetary Fund/World Bank Group meetings in Bali, Indonesia. According to him, selling of the company will aid in raising funds for the implementation of Nigeria’s 2018 deficit budget.

But the House of Representatives are in strong opposition of selling the Ajaokuta Steel Compay. The lawmakers in March this year, took a vote of no confidence on former Minister of Mines and Steel Development and now Ekiti State Governor, Dr. Kayode Fayemi, and the Minister of State for Mines and Steel Development, Mr. Abubakar Bawa-Bwari. This was after they both failed to appear before the House to discuss the sale of Ajokuta Steel Company.

A member of the House said the the sale of this national asset is not realistic. He also added that there are existing bills preventing the federal government from selling the Ajaokuta Steel company.

Some other sources also reveal that the House leader Hon. Femi Gbajabiamila, is currently working on a document which will aid the rule out the proposal of selling the company.

The House have previously endorsed two bills which seek to prevent the concession of Ajaokuta Steel Company and to ensure its completion. The lawmakers agreed to use US$1billion from the federal government share in the excess crude revenue for the completion of the company.

 

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