TRADE AND INVESTMENT MINISTER, NIYI ADEBAYO DEFENDS NZESCO’S 14 BILLION ALLOCATION AT THE SENATE.
Minister of Trade and Investment, Niyi Adebayo while defending his budget on Thursday at the floor of the senate still confirms that the 14 billion allocated to Nigeria Special Economic Zones , NSZECO is still in the central Bank custody and not in private custody.
The minister while giving clarifications before the chairman of the Senate Committee on Appropriations, Senator Jibrin Barau said the company when fully set up for special economic zones will have the Federal government as the major shareholder.
Adebayo further explained that NZESCO was established by the Ministry of Trade and Investment with the aim of setting up a special economic zone where special industrial activities would take place.
It would be recalled that last week Thursday, the Senate summoned the Minister of Trade and Investment, alongside with the Acting, Managing Director of Nigeria Export Processing Zones Authority, Terhembe Nongo, over N15 billion naira allocated to a private company in the ministry’s budget.
The Committee directed the NEPZA Managing Director, Minister and Permanent Secretary of the Ministry to appear today, Monday to clear up issues surrounding NZESCO company presumed to be a private company.
Meanwhile, Niyi has promised ministry would look into setting up the company in a proper manner after the investigation is concluded