President Muhammadu Buhari has refused assent to seven new bills submitted by the national assembly.
The declined bills include:
the Ajaokuta Steel Company Completion Fund;
Nigerian Aeronautical Search and Rescue;
Chartered Institute of Training and Development of Nigeria (Establishment);
and Federal Mortgage Bank of Nigeria.
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also rejected are:
the National Housing Fund Bill;
Small and Medium Enterprise Development Bill;
National Institute of Credit Administration Bill;
and the Chartered Institute of Training and Development of Nigeria (Establishment) Bill.
President said that his reason for not signing the Ajaokuta Company Completion Fund Bill is because the proposal of $1 billion from Excess Crude Account for funding the project was too much.
President Buhari stated that spending such huge amounts on the Ajaokuta steel company at this time of budgetary constraint is not in the best interest of the country.
He emphasized that the country cannot afford to commit such an amount in the midst of competing priorities which possess even long term social and economic impact.
President Buhari also explained why he refused to sign the Small and Medium Enterprises Development Bill.
According to the president, the agency already shares identical objectives with the Bank of industry, particularly with regard to the funding of Small and Medium Enterprises.