Senate rejects Buhari’s plan to secure $29.9bn external loan

The Nigerian Senate has rejected
the request for approval of a 29.9 billion US dollar
external borrowing plan by President Muhammadu
Buhari for the 2016 – 2018 rolling plan.
The rejection followed the non-attachment of a
detailed breakdown on the areas of expenditure
that the loans would be directed at.
TVC News Sumner Sambo reports that the
presidency and the Senate Leader, Ali Ndume have
promised to lobby all lawmakers for a re-
presentation of the proposal.
The letter was sent to the parliament last week
requesting the approval of an external borrowing
plan of 29.9 billion dollars to execute key
infrastructural projects and special interventions
across the country.
But when it was scheduled for debate, majority of
the senators rejected the proposal through a voice
vote that shook the presiding officers.
The non-inclusion of a detailed budget breakdown
accompanying the letter was interpreted by many
senators as seeking anticipatory approval without
scrutiny hence the rejection of the request.
The letter had stated that the 11.2 billion dollars
would be for projects and programmes, 10.6 billion
dollars for Special National Infrastructure projects,
Euro Bond loans of 4.5 billion dollars and Federal
Government Budget Support of 3.5 billion dollars
all totaling 29.9 billion dollars.