The Federal Government says it needs $2 billion to get the Ajaokuta Steel Company to produce at full installed capacity
This is according to the Minister of Mines and Steel Development, Dr. Kayode Fayemi.
The steel mill, constructed by the former Soviet Union in 1979 can produce five million metric tonnes of steel per annum.
The Ajaokuta Steel Complex was given out on concession to an Indian Firm, Global Steel Holdings Limited, for $300 million.
Following allegations of asset stripping by the Indian firm, the concession was cancelled by the late President Umar Yar’adua.
Menawhile the Speaker, House of Representatives, Yakubu Dogara, says that the Economic and Financial Crimes Commission will receive funds for the completion of its Head Office in Abuja.
Dogara was speaking during an inspection visit of the construction site.
He said that it was necessary to complete the project in order to provide a conducive environment for the commission and show that government was ready to eradicate corruption in Nigeria.