The Federal Government has announced an investigation into the non-functioning Ajaokuta Steel Company Limited, which accumulated a staggering N33bn in electricity debt.
This debt led to the Transmission Company of Nigeria disconnecting the steel company from the national grid. The Minister of Steel Development, Shuaibu Audu, shared this information after a meeting with President Bola Tinubu. The debt includes N30.85bn for energy and capacity delivered by NBET and N2.22bn owed to service providers.
Minister Audu emphasized the government’s commitment to reviving Ajaokuta in a phased approach, citing the challenge of immediately settling the outstanding amounts. He called for support from the entire government apparatus, stakeholders, and the public to successfully address this complex situation.