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President Muhammadu Buhari has rejected the Ajaokuta Steel Company Completion Fund Bill, which proposed the withdrawal of $1 billion from the Excess Crude Account for the completion of the project.
The development will further heat up debate on the project, which though important for the country’s industrial growth, has been widely seen as a cesspool.
In a letter read to senators by Senate President Bukola Saraki yesterday, Buhari noted that amid competing priorities, the country could not afford such a huge amount at once.
He also argued that relevant stakeholders including the Ministries of Mines and Steel Development and Industry, Trade and Investment were not fully consulted.
Such appropriations, he said, should have been made through the “traditional” budgetary process with approval from the National Economic Council (NEC).
“I am declining assent because the bill, which seeks 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 and the States,” the president said.
The Guardian
