Nigerian lawmakers opposed to President Muhammadu Buhari’s plans to sell the Ajaokuta steel plant are seeking to approve $1 billion of spending from the country’s oil savings to ensure ownership of the plant remains with the state even before audits to determine its value are completed.

The Buhari administration has commissioned two audits on Ajaokuta Steel Co., one by Pricewaterhousecoopers LLP and another by the plant’s new management, with a view to award a contract to private investors to fund the complex’s completion and run it.

The Senate plans to take after the House of Representatives in swiftly approving the Ajaokuta Steel Company Completion Fund Bill, according to Bloomberg sources. It could be as early as next week, but almost certainly by end of June, said the people, asking not to be identified because they are not authorized to comment on the matter.

Source: Bloomberg