Senate Says No To Buhari’s $30bn Loan Request

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The Senate has rejected President Muhammadu Buhari’s external borrowing plan of $30bn for the execution of projects from 2016 to 2018 without any debate at all.

 

The nays had it when the borrowing plan was put to a vote on the floor of the chamber during the plenary today.

 

The Nigerian Senate has declined to approve President Muhammadu Buhari’s request to borrow $30bn for the execution of projects from 2016 to 2018.

 

Majority of the members of the Upper Chamber rejected the proposal when it was put to a voice vote by senate president, Bukola Saraki.

 

The president had on October 26, 2016, forwarded the request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.

 

He also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some critical sectors across the 36 states of the federation and the FCT.

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