Minister of Mines and Steel Development Kayode Fayemi has said no penny will be spent by the federal government to revive Ajaokuta Steel Company. The minister was reacting to a ‘Vote of No Confidence’ passed on him by the House of Representatives recently. He spoke with journalists on Thursday in Abuja.
Fayemi said government would not spend a dime to put Ajaokuta steel to use but would rather concession it to a capable company. He had said about 8 billion dollars had been sunk into the steel mill by previous administrations.
“The position of the government is clear on Ajaokuta; that only a company that is verifiable, competent, financially buoyant will Ajaokuta be concessionned to after the technical audit is completed,” Fayemi said.
“The rumour going on that Ajaokuta is at 98 per cent completion is not true; that is why the technical audit is going on to ascertain its level of completion and other information needed.’’
