Business
Budget Defence: Ajaokuta Steel To Gulp N80bn
About N80 billion will be required to resuscitate the ailing Ajaokuta Steel rolling mill, which is a major factor in determining Nigeria’s emergence as one of world’s best economies by the year 2020.
This is one of the issues before the House of Representatives’ Committee on Steel Development that is currently considering appropriations to the all-important steel sector in the 2012 budget presented by President Goodluck Jonathan to the National Assembly last year.
The Tide investigations in the steel sector of the national economy shows that both the Federal Ministry of Steel Development and House Committee on Steel Development favour the resuscitation of the Ajaokuta Steel Rolling Mill, especially against the backdrop of the nation emerging among the world’s best 20 econoies by 2020.
It is apparent from our investigations that the whooping sum of about N80 billion needed to put Ajaokuta back on stream or a substantial part of it would be approved by the National Assembly in this year’s budget and work would begin in earnest at the complex thereafter.
A member of the Committee, Hon Austin Ogbaburhon justified this in an interview with The Tide yesterday in Abuja when he said,”It’s quite good that we have a workable steel complex in this country; any developing country like Nigeria that tries to be in the league of world’s best economies by the year 2020 needs the steel industry to achieve this feat; the importance of steel development cannot be over-emphasised, especially for developing countries”.
Hon Ogbaburhon, former Chairman, Okpe and Udu Local government councils in Delta state, representing Ughelli North ond Ughelli south federal constituency of the state said,”Ajaokuta is not dead but there is no activity going on in Ajaokuta right now. To put Ajaokuta on stream, the money is quite huge – close to N80 billion…because a major part of the steel complex is completed; less than 20% is yet to be completed. Due to long abandonment of the place, most of the parts are obsolete “.
Ogbaburhon said being the only surviving steel compiex owned by government in the country Ajaokuta deserves all the attention and all hands should be on deck to bring it back on stream, noting that the other two steel companies in the country – Delta steel company, is now a private company while National Iron Ore company, Itakpe is obsolete and not working.
“The government should really work hard to see that we put our steel company on stream, (to see that) we develop the Ajaokuta steel company”, he noted.
Justus Awaji, Abuja
Business
NCDMB, Dangote Refinery Unveil JTC On Deepening Local Content
Business
Food Security: NDDC Pays Counterpart Fund For LIFE-ND Project
Business
Replace Nipa Palms With Mangroove In Ogoni, Group Urges FG, HYPREP
-
Rivers5 days ago
NDDC: Staff Walk Ten Kilometers To Commemorate 25th Anniversary
-
News4 days ago
Senate Replaces Natasha As Committee Chairman
-
Politics5 days ago
Obey Order On AA In Six Days, Court Directs INEC, Yakubu
-
Niger Delta4 days ago
HYPREP Trains Lab Technicians To Standardise Water Quality In Ogoniland
-
Sports5 days ago
Oyibu predicts success for Team Nigeria at Athletics Championships
-
News5 days ago
Presidency Faults US Visa Restrictions On Nigerians, Demands Fair Treatment
-
Politics5 days ago
PDP Still Formidable Ahead 2027 – Nat’l Youth Leader
-
Rivers4 days ago
VALVA Restates Commitment Education Advancement, Literacy In Nigeria