Senate Passes Ajaokuta Steel Completion Fund Bill

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The Senate in session
  • To be funded with $1bn from FG’s excess crude revenue

Deji Elumoye in Abuja

The Senate Thursday passed the Ajaokuta Steel Company Completion Fund Bill which will allow for the total completion of the 38-year-old steel firm.

This was sequel to the adoption of the Ajaokuta Steel Company Completion Fund Bill 2018 presented by the Senate Leader, Senator Ahmad Lawan.

The bill, which is slated for concurrence in Article 2 made provision for the sum of $1 billion from the federal government share of excess crude revenue be devoted to the immediate completion of the steel company.

The bill also stated that all monies that may be appropriated and authorised by any tier of government should be part of the funding for the completion of the company.

It further provided that all loans or grants made to the country for the purpose of completing the Ajaokuta Steel Company should be accommodated.

The proposed legislation stated that the monies in the 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 loans, according to the bill, can be used for the acquisition of land and of any right or interest in or over land and in respect of the use of any invention, including carrying on of any survey, research or investigation preparatory to the undertaking of any such purpose or the formation of any plan or scheme for the development, improvement, of Ajaokuta Steel Company project.

Deputy Senate President, Ike Ekweremadu, who presided over the bill, said if the bill is signed into law by President Muhammadu Buhari, it would go a long way to ensure the quick completion of the steel mill.

Also yesterday, the Senate also passed the Presidential Programme on Rehabilitation and Reintegration (establishment and implementation) Bill 2018.

The bill provides legal instrument to implement the Presidential Amnesty programme in the area of disarmament, demobilisation and reintegration.