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The senator representing Kogi Central Senatorial District, Senator Ahmed Ogembe has decried the neglect of the Ajaokuta Iron and Steel Company, attributing it to the poor funding of the company.
The senator made this remark on Thursday, while presenting his position during the discussion on the general principles of the 2017 appropriation bill on the floor of the Senate.
He expressed concern that about 30 per cent of the 7.29 trillion naira budget is going to be substantially funded from loans and borrowings.
The senator also raised concern about the 5.05 trillion naira that was budgeted for recurrent expenditure, saying it is unacceptable and does not in anyway connotes growths and recovery.
“We should be bothered that this budget has not shown critical interest in diversification, particularly the steel sector, where only 350 million naira was voted for capital in the Ajaokuta Steel Company,.
“A sector that can potentially revamp the economy, provide for over 3 million direct and indirect jobs and save the country foreign exchange of over 4Billion dollars.
“No meaningful Industrial and economic growth can be achieved without steel development as 98 per cent of all human industrial and economic activities are hinged directly or indirectly on steel.
The Senator advised the federal government to do everything possible to ensure adequate funding for the Ajaokuta Steel company for sustainable industrial and economic growth of Nigeria.
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