The House of Representatives, on Thursday, unveiled plans to investigate the process of the privatisation of the Osogbo Steel Rolling Mill and the Nigeria Machine Tools consummated under President Olusegun Obasanjo’s administration.
The resolution was passed sequel to the adoption of a motion sponsored by Hon Olubukola Oyewo.
In his lead debate, Hon Oyewo observed that the Osogbo Steel Rolling Mills, the Nigeria Machine Tools and other national assets were sold to private investors by the administration of former President Olusegun Obasanjo through the Bureau of Public Enterprise (BPE), chaired by the former Vice-President, Alhaji Atiku Abubakar.
“The House regrets that since its privatisation, the Osogbo Steel Rolling Mill has remained moribund while the Nigeria Machine Tools situated at Osogbo is performing below its optimal capacity.
“The House is concerned that without functional steel companies in Nigeria, the dream of manufacturing vehicles in the country and other machine equipment might be a mirage.
“The House is also concerned that the neglect of the aforementioned Companies, which provided jobs for over 20,000 people is impacting negatively on the people and the economy of the nation as a whole.
“The House is cognizant that many jobless youths will find something to do if the sales of these national assets are reviewed towards optimal utilisation,” he noted.
To this end, the House mandated its Committee on Privatisation and Commercialisation to investigate the process of the privatisation of the Osogbo Steel Rolling Mill and the Nigeria Machine Tools with a view to working out modalities to reverse the privatisation and restore them to full working capacity.
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