The Minister of Steel Development, Shuaibu Abubakar-Audu, has said the country needs two million dollars to complete the Ajaokuta Steel Company.
Speaking at a meeting with the House Committee on Steel on Thursday, the minister expressed fears that the fund may rise to $5 million to complete the project.
The minister added that Nigeria spends $8 billion every year to import Steel, adding that talks with some Russian companies for concessions are still at the take-off stage.
Earlier, the House Committee Chairman, Zainab Gimba, listed some allegations against the Minister which her Committee is investigating.
The lawmaker said one of the issues the committee is investigating is the controversy surrounding the sack of the board of the National Steel Council.
Others include the dual office accommodation, Steel levy, alleged misappropriation of funds at the Council and the current state of Ajaokuta Steel Company.
Reacting to his role in the sack of the Council, Abubakar-Audu said his action was predicated upon the directive by President Bola Tinubu on the 16th of June, 2023, dissolving all boards, parastatals and agencies.
Also speaking on the petitions written by the sacked steel Council, the minister insisted that they are null and void.
