The Abandoned Ajaokuta Steel Plant Proof Of Bad Governance

SHARE THIS POST


The Abandoned Ajaokuta Steel Plant Proof Of Bad Governance - Reps Speaker

Speaker of the House of Representatives on Thursday said the abandonment of the Ajaokuta steel plant which has gulped over $5.1 billion dollars over the years was an expressive metaphor of ineptitude and bad governance.

In his words, ‘To our collective shame, the present state of Ajaokuta steel complex is more of an expressive metaphor of our ineptitude and bad governance over the years’.

He said he was dismayed February 12, this year when he visited the steel complex in company of members of the House Committee on Steel.

‘I dare to say that the visit was an eye-opener. The plant has an installed capacity of 1.3 million tons P/A with provision to increase capacity to 2.6 million tons and further to 5.2 million tons per annum. The first phase of the complex is 98% completed with 40 of the 43 units already installed’.

He affirmed that the federal government has invested over $5.1 billion into the complex.

During his visit, the speaker found out that the complex has a complete internal standard gauge rail track of approximately 68kms.

‘Out of 10,000 housing units targeted in the first phase, about 3,500 units are completed and have been occupied since the 1980s, while the rest were abandoned at various stages of completion’.

‘The complex has two power plants with total installed capacity of 110MW of electricity which is more than enough to power the entire complex, the whole of Kogi and Edo States. The complex boasts of first class internal road networks. It is also linked to Warri by Standard gauge rail line and gas pipeline,” Dogara narrated.

Dogara made this revelations in plenary during the sectors debate of the house on major sectors of the economy with senior members of the federal executive council to help proffer legislative and policy solutions to existing national challenges.

The Speaker who was worried about the state of the project said when the projected is completed, ‘the Ajaokuta Steel plant has the capacity to generate about $1.7 billion per annum, employ over 10,000 engineers and technicians; employ over 10,000 other personnel; lead to the creation of over 2 million indirect jobs; increase Nigeria’s export earnings by over 1 billion USD yearly.”

He further assured that it would save over $15 billion USD worth of steel products imported into Nigeria annually if statistics from the NBS is anything to go by.

A visibly angry speaker thundered, ‘Imagine if there is any nation on this earth that will sink more than $5.1billion of its hard earned money on any project and walk away from it when it is 98% completed’.

He also wondered if this could be a national sabotage or bewitched by some powerful sorcerers.

Please Share This Post

Review Shows Nigeria Needs Urgent Help - IMF

SHARE THIS POST


Review Shows Nigeria Needs Urgent Help - IMF

President Muhammadu Buhari

Nigerian people are getting poorer despite the country’s slow recovery from recession and economic reforms are urgently needed, the International Monetary Fund has said.

The Fund expects the government to “muddle through” in the medium term, and any progress could also be threatened if elections next year consume political energy and resources, it said in a report seen by Reuters on Wednesday.

Since emerging from recession in the second quarter of 2017, Nigerian officials have repeatedly boasted that they have set the economy back on track.

But critics say much of the recovery comes from a return to oil dependence after a rise in global oil prices and a rebound in crude production, more the result of militants in the Niger Delta halting attacks on oil facilities than of economic policy under President Muhammadu Buhari’s administration.

The IMF said in the report that the outlook for growth had improved but remained challenging.

“Comprehensive and coherent” economic policies “remain urgent and must not be delayed by approaching elections and recovering oil prices,” it stated in its annual Article IV review of Nigeria’s economy.

“Higher oil prices would support a recovery in 2018 but a ‘muddle-through’ outlook is projected for the medium term under current policies, with fiscal dominance and structural constraints leading to continuing falls in real GDP per capita,” the IMF added.

In the report, it identified risks to growth, including additional delays to implementing policies and reforms ahead of the 2019 elections, security tensions, and oil prices, a fall in which could see capital flows reversed.

“Further delays in policy action, including because of pre-election pressures, can only make the inevitable adjustment more difficult and costlier,” the report added.

The lender repeated its call for Nigeria to simplify its complex foreign exchange system, a bugbear for the IMF for more than a year, which has left large gaps between official rates and various windows that certain groups can use to get other rates.

“Moving towards a unified exchange rate should be pursued as soon as possible. The IMF staff does not support the exchange measures that have given rise to the exchange restrictions and multiple currency practices,” it stated.

The Fund further singled out the central bank, saying it should discontinue direct interventions in the economy. The Central Bank of Nigeria frequently injects hundreds of millions of dollars into the foreign exchange market to keep its own rates stable.

Commercial banks struggling to remain solvent were also called out, but not identified by the IMF, including one that the lender said was already insolvent, adding, “Some of these banks are kept afloat through continuous recourse to the CBN’s lending facilities.”

The IMF said it would not comment on purported leaks. A spokeswoman for the Fund said a statement would be issued after the lender’s board’s meeting to discuss its assessment on Friday.

A spokeswoman for the Federal Ministry of Finance did not immediately respond to a phone call and email requesting comment.

Please Share This Post

The Graduate Who Died While Processing Her Clearance Is Laid To Rest

SHARE THIS POST

The Graduate Who Died While Processing Her Clearance Is Laid To Rest

Late Ms. Oby Stella Ugwuanyi

A graduate of Federal Polytechnic Oko in Anambra state, Ms. Oby Stella Ugwuanyi has slumped and died during clearance. The young woman who is the only child of her parents, collapsed and died on Monday, February 19,  2018.

According to reports, Ms. Oby Stella Ugwuanyi, who recently graduated from Federal Polytechnic Oko in Anambra state, was in the school to carry out her clearance so as to enable her go for the compulsory 1 year youth service.

While waiting alongside other graduates to be attended to by school officials, she collapsed and died.

It was also gathered that the rigorous exercise graduates were forced to pass through during clearance must have contributed to the unfortunate demise of the Business Administration graduate.

The 28-year-old graduate has reportedly been buried on Friday, February 23rd, 2018 in her father’s compound in Enugu, according to LIB.

Please Share This Post

When Your Car Is Not Made For Your Country: See What Egocentric Nigeria Rich Man Goes Through Everyday Just To Drive His Ferrari (Video and Photos)

BREAKING NEWS
When Your Car Is Not Made For Your Country: See What Egocentric Nigeria Rich Man Goes Through Everyday Just To Drive His Ferrari (Video and Photos)

 

The owner driving the vehicle out with stress

We admire the cars when spotted on the street but we do not know what the owners go through. Check out what the owner of this Ferrari goes through anytime he needs to take the car out on a ride.

As seen in the video, the bumper of the Ferrari is so low that it becomes dangerous for him to easily drive it out of his house without hitting the ground detrimentally.

 

Driving the ostentatious vehicle out of his house has become another herculean task as seen in the video below:

Share This Post