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Nigeria's Ajaokuta Steel, a distressed asset being revived
A Bill for an Act to amend the Public Enterprise (Privatisation and Commercialisation) Act to review the list of enterprises to be privatised passed second reading on Thursday at the House of Representatives. The bill which was sponsored by Rep. Nkem Abonta (Abia-PDP) and 300 others, seeks to delete the Ajaokuta Steel Company from the list of enterprises to be commercialised.
Leading the debate, Abonta said the amendment of the Act was necessary because a bill seeking to provide funds for the completion of the company was already on the floor of the house.
He explained that for the bill seeking the completion of the company to achieve its aim, there was need to prevent the company from being commercialised.
In his contribution, Rep. Aminu Shagari (Sokoto-APC) said it was the right of the people to decide which public asset should be commercialised or privatised.
He said as representatives of the people, “we want the steel company completed and not commercialised or privatised.”
After the debate, the Speaker of the house, Mr Yakubu Dogara, announced the forwarding of the bill to the Committee of the Whole for further legislative actions.
