Home > Chemical > Senate Approves $1bn ECA Funds To Complete Ajaokuta Company

Senate Approves $1bn ECA Funds To Complete Ajaokuta Company

The Senate on Thursday endorsed the decision that $1bn from the Federal Government’s share of the Excess Crude Account be utilised to complete the Ajaokuta Steel Company.

This followed the decision of the Upper Chamber of the National Assembly to pass the Ajaokuta Steel Company Completion Fund Bill, 2018.

The bill slated for concurrence was presented by the Senate Leader, Ahmed Lawan.

The Deputy President of the Senate, Ike Ekweremadu, presided over the plenary.

Ekweremadu said once signed into law, the bill would “facilitate the quick completion of the Ajaokuta Steel Complex.”

The federal lawmakers also resolved that all loans or grants for the purpose of completing the firm should be so utilised

They also said funds appropriated by any tier of government should be utilised.

The bill recommends that the fund meant for the firm shall be applied by the minister subject to appropriation by the National Assembly.

Meanwhile, the Senate also on Thursday started work on a bill seeking to establish the North West Development Commission.

The bill titled, North West Development Commission (Establishment, etc) Bill, was sponsored by Jibrin Barau from Kano North.

Also on Thursday, a bill for an act to repeal the Nuclear Safety and Radiation Protection Act and enact the Nuclear Safety, Security and Safeguards Act passed the second reading.

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

Source: Punch

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