The Federal Government has revealed that it spent $8 billion on the resuscitation of the Ajaokuta Steel Company without meaningful progress.
Minister of Mines and Solid Minerals Kayode Fayemi revealed this on Tuesday at the 2018 Kogi Investment Summit held in Lokoja.
According to the minister, the present administration is poised to revamp the company but efforts being made thus far have not yielded the desired impact.
Fayemi said: “The Governor [Yahaya Bello] said the goverment has money to revive Ajaokuta Steel.
“I must tell you that under the leadership of Vice President Yemi Osinbajo, we have been working on that. FG has spent $8 billion on Ajaokuta Steel Company and nothing has come out of it.”
He noted how Bello had been on his neck to see that the project is completed.
“The governor has never allowed me to rest on the issue of Ajaokuta,” the minister said.
“Under the leadership of Vice president Prof. Yemi Osinbajo we are doing our best to bring Ajaokuta back to life.”
He equally challenged the state to “generate IGR from its solid minerals.”
The event featured the signing of a Memorandum of Understanding by Bello with foreign investors.