President Muhammadu Buhari has rejected eight bills of the National Assembly presented to him for assent.
The Bills rejected were 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.
Others are National Housing Fund Bill, Small and Medium Enterprise Development Bill, National Institute of Credit Administration Bill and Chartered Institute of Training and Development of Nigeria (Establishment) Bill.
In a rejection letter by President Buhari, which was read on the floor on the Senate chamber by the Senate President, Bukola Saraki, on Ajaokuta Company Completion Fund, he said: “Appropriating $1 billion from Excess Crude Account is not the best strategic option for Nigeria at this time of budgetary constraints.
“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 attentively deployed towards;
“Bill 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 proposal 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.
“Relevant stakeholders such as the Ministry of Mines and Steel Development and the Ministry of Industry, Trade and Investment were not fully consulted.
“The input of key stakeholders are necessary to create the optimal legal and regulatory framework as well as institutional mechanism to adequately regulate the sector.”
On the Small and Medium Enterprises Development Bill, Buhari said: “The agency will have similar objective with Bank of Industry, particularly with regard to the funding of Small and Medium Enterprises.
“Accordingly, it is important to streamline its functions to avoid a duplication or overlap of functions with other government instistutions performing similar function.”