About N2bn revenue has been lost by the Federal Government in the past six months for not allowing the Interim Management Committee of Ajaokuta Steel Company and the National Iron Ore Mining Companies to operate some of the completed units of the plants.

Chairman of IMC, Chief Phillip Umunnakwe, stated this on Friday during discussions with the Supervising Minister of Mines and Steel Development, Mr. Ademola Seriki, who visited the plant.

According to Umunnakwe, “The funds required to service and put into commercial production the turbo-generator No1, the light section mill and the wire rod mill, can be recouped in a single month of operation.”

He added that the IMC had conducted investigation into the fast deteriorating material assets available and salvaged something out of them by their immediate disposal.

He said, “Any funds realised will be used to reactivate turbo-generator 1 wherein lies the real strength of the thermal power plant.”

Umunnakwe further urged that pending the privatisation of both companies or other options which government might chose, it should provide funds for the operation of the mills and main generator.

The Chairman of IMC noted that since the two companies were not captured in the 2009 budget of the Federal Government, the only way out was to put the completed units of the plant into commercial use.