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The House of Representatives during Wednesday plenary session adopted two bills seeking to prohibit Federal Government from concessioning Ajaokuta steel company Limited.
According to the legislative framework, the sum of $1 billion is to be drawn from Federal Government’s share in the Excess Crude Revenue to complete the project, which has reached 98% completion level.
The two bills which seek to provide for the Ajaokuta Steel Company completion fund and amend the public enterprise privatisation and commercialisation Act, were sponsored by 301 lawmakers drawn from both the ruling party, All Progressive Congress (APC) and all the opposition parties, namely Peoples Democratic Party (PDP) and All Progressive Grand Alliance (APGA).
Following the passage of the bills through second reading last Thursday, the House subsequently referred to the Committee of Whole for further legislative consideration.
They also said the money shall be applied by the minister only for purposes of the steel’s completion, and as approved by the national assembly.
There has been a lingering controversy surrounding the Ajaokuta Steel Company.
The lawmakers had earlier asked President Muhammadu Buhari to direct Kayode Fayemi, minister of mines and steel development, to stop the process of the concession.
The bill amending the privatisation act seeks to remove the steel plant from the list of public assets which the federal government has powers to privatise or concession.
The lawmakers also want to strip the National Council on Privatisation of its powers as the only body backed by law to decide on which firms should be on the .
KEHINDE AKINTOLA, Abuja
