The decision by the Federal Government of Nigeria to sell the Ajaokuta Steel Company will be opposed by some Nigerian lawmakers, especially those in the House of Representatives.
Mr. Godwin Emefiele, the Central Bank of Nigeria (CBN) Governor, while addressing the Nigerian delegation at the just concluded International Monetary Fund/World Bank Group meetings in Bali, Indonesia, said that the company will be up for sale to raise more money to implement the Nigeria’s 2018 deficit-based budget.
Hon. Uzoma Nkem-Abonta, member representing Ukwa West/East federal constituency of Abia State, said the sale of the national asset is not a feasible one. According to him, “the federal government cannot sell the Ajaokuta Steel Company. There are existing bills preventing such move, so I don’t think they will be thinking along the line of selling Ajaokuta steel”.
THISDAY also revealed that sources close to the Leader of the House of Representatives, Hon. Femi Gbajabiamila said he is already working on a document to be tendered on the floor of the House to foreclose the proposal.
Back in March 2018, the House of Representatives passed a vote of no confidence in the duo of the 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, for refusing to appear before the House to address the sale of Ajokuta Steel Company.
Subsequently, the House of Representatives adopted two bills seeking to prevent the concession of Ajaokuta Steel Company and to ensure its completion. The lawmakers resolved to use $1 billion from the federal government share in the excess crude revenue for the completion of the company.