Senate approves $1bn completion fund For Ajaokuta Steel Company

The Senate on Thursday passed a bill seeking to approve the release of the sum of $1 billion from the Federal Government share of Excess Crude revenue for the immediate completion of the Ajaokuta Steel Company.

The lawmakers stated through the motion that all monies that may from time to time be appropriated and authorized by any tier of government should be part of the funding for the completion of the company.

The Senate also added that all loans or grants from time to time made to the country for the purpose of completing the Ajaokuta Steel Company should be ploughed in the completion purse.

The bill titled: “Ajaokuta Steel Company Completion Fund Bill, 2018” is in concurrence to the earlier one passed in the House of Representatives on March 28, 2018.

Senate Leader, Senator Ahmed Lawan representing Yobe North had presented the bill for concurrence to the Senate which handled the bill at a Committee of the Whole.

The lawmakers clarified that there was the need for the Federal Government to complete the plant as against the then plan to concession it.

According to the proposed law, all fund shall be applied by the minister subject to appropriation by the National Assembly only for the purpose of ‘’the construction, improvement, extension, enlargement and replacement of infrastructure and works, including the provision, acquisition, improvement and replacement of other capital assets required in respect of or in connection with the completion of the Ajaokuta Steel Company project.

‘’The acquisition of land and of any right or interest in or over land and in respect of the use of any invention.

‘’The carrying on of any survey, research or investigation preparatory to the undertaking of any such purpose as is referred to in paragraph (a) and (b) or the formation of any plan or scheme for the development, improvement, of Ajaokuta Steel Company project.’’

Deputy Senate President, Senator Ike Ekweremadu, who presided, said that the bill, if signed into law, would go a long way to facilitate the quick completion of the Ajaokuta Steel complex.

The Senate also adopted the Presidential Programme on Rehabilitation and Reintegration (establishment and implementation) Bill 2018.

Leave a Reply

Your email address will not be published. Required fields are marked *



Check Also

2020 Hyundai Kona, Santa Fe, Tucson earn NHTSA 5-Star safety rating

The 2020 Hyundai Kona, Santa Fe, and Tucson were all awarded 5-Star Overall Safety Ratings, ...