Latest
Ajaokuta Steel Company Under Scrutiny As It struggles To address A significant N33 billion Electricity Debt, Impacting its Financial health
Ajaokuta Steel Company Under Scrutiny As It struggles To address A significant N33 billion Electricity Debt, Impacting its Financial health....KINDLY READ THE FULL STORY HERE▶
On Thursday, the Federal Government announced its intention to investigate the N33 billion electricity debt incurred by the non-operational Ajaokuta Steel Company Limited, leading to its disconnection from the national grid by the Transmission Company of Nigeria (TCN)……..CONTINUE READING
Shuaibu Audu, the Minister of Steel Development, shared this information with State House correspondents following a meeting with President Bola Tinubu at the Aso Rock Villa in Abuja. The TCN had disconnected Ajaokuta Steel Company Limited from the national grid on Wednesday due to its failure to settle the N33 billion debt owed to the Nigerian Bulk Electricity Trading Plc (NBET) and service providers. This amount includes N30.85 billion for energy and capacity delivered by NBET and N2.22 billion owed to service providers.
Audu expressed astonishment at how the company accumulated such a substantial electricity debt, considering its limited operational capacity. He emphasized the need for a thorough investigation into the matter. The Minister acknowledged that reviving Ajaokuta Steel Company Limited is a gradual process, explaining that the government is pursuing the revival in a piecemeal and collegiate system.
Audu disclosed that part of the outstanding debt is attributed to interest payments, and he emphasized the government’s commitment to not let its agency, NBET, hinder efforts to revive the steel company, which has been inactive for 45 years. He highlighted the challenges of reviving an institution that has been dormant for such an extended period.
In response to the situation, the Minister outlined plans to convene discussions in the coming days to develop a strategy to reconnect Ajaokuta Steel Company Limited to the national grid. He stressed the importance of collective support from various government stakeholders, including NBET, to facilitate the revival process and create employment opportunities.
Additionally, Audu revealed that the ministry received President Tinubu’s approval to establish a committee tasked with identifying a suitable site for a new steel plant in the country. He mentioned that discussions with Jindal Steel of India regarding a $5 billion plant, initiated by Tinubu during the G20 summit in India, are progressing positively. The committee will comprise key government officials, including the Minister of Finance, the CME, the Minister of Trade and Investments, the Minister of Defense, the Minister of Solid Minerals, and himself, to ensure the successful establishment of the new steel plant.
For more information join our whatsapp group by clicking the link here: WhatsApp Group Invite
Udenta Speaks Out: El-Rufai’s Detention Described As A Clear Injustice
It Will Be Too Late For Peter Obi To Return” — Nenadi Usman Makes Bold Claim
I Can Never Betray Your Family” — Gov Radda Makes Bold Promise To Buhari’s Son
Heartbreak For Barcelona As Lamine Yamal Scores Winner, Limps Off Injured Against Celta Vigo
El-Rufai In Fresh Legal Storm As DSS Files Charges Over Ribadu Phone Interception
Breaking: Federal Government Of Nigeria Bans Cement Importation, Releases Full List Of Restricted Goods
Breaking: Complete List Of Charges Filed Against Timipre Sylva And Alleged Coup Network Exposed
Supreme Court Shocks Kano Emirate Case, Adjourns Hearing Till 2027
Succession Buzz: Olusi Reveals Who May Replace Sanwo-Olu In 2027
