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By Bologi M. Maikudi
President Muhammadu Buhari has refused assent to the Bill seeking for fund for completion of Ajaokuta Steel Company forwarded to him by the National Assembly.
The President also declined assents to seven other bills forwarded to him by the federal lawmakers in February.
In separate letters to that effect read on the floor of the Senate by the Senate President, Bu kola Saraki, President Buhari cited several reasons ranging from infractions on extant laws, duplication of responsibilities of existing agencies, to financial constraints for refusing assents on the bills .
The President in his refusal of assent to the Ajaokuta Completion Fund Bill as stated a letter dated 19th March, 2018, said appropriating $1billion from the Excess Crude Account ( ECA) as requested for in the bill by the federal lawmakers , is not the best strategic option for Nigeria at this time of budgetary constraints .
He said : “The Nation cannot afford to commit such an amount in the midst of competing priorities with long term social and economic impact that the funds can be alternatively deployed towards.
“Bills which seek to make appropriation of revenues to fund public expenditure should be consolidated in the annual Appropriation Act such that these proposals pass through the traditional scrutiny that budget proposals are subjected to by the Ministry of Finance , Ministry of Budget and National Planning and the National Assembly
“Furthermore, as the Excess Crude Account Funds belong to the Federation , it would be proper to consult with the National Economic Council where the States are represented.
“Relevant stakeholders such as the Ministries of Mines and Steel Development, Industry, Trade and Investment were not fully consulted
“The inputs of key stakeholders are necessary to create the optimal legal and regulatory framework as well as institutional mechanism to adequately regulate the steel sector.
