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Bawa Bwari, Minister of State for Mines and Steel at the ongoing investigative public hearing disclosed that the present administration resolved not to invest further into Ajaokuta Steel Company because of the spate of corruption after the initial $8 billion spent to complete the 98% completion level.
Bwari who appeared before Femi Gbajabiamila’s Adhoc Committee, confirmed that the audit report on Ajaokuta Steel Company Limited was completed and submitted last week.
According to him, there are speculations that between $500 million and $1 billion.
Bwari however noted that there is need to study the report before making public the actual figure.
He added that work cannot commence immediately in Ajaokuta even if the company is 100% completed, without addressing the internal and external infrastructure challenges.
While responding to question on the budgetary provision in the 2018 Appropriation bill for the completion of the two percent, Bwari answered in the nagative.
In his intervention, Ossai Nicholas Ossai, member of the Adhoc committee frowned at the ill-decision of the preset administration to subject the country to another colonialisation of resources.
KEHINDE AKINTOLA, Abuja
