Senate Rejects Buhari’s Foreign Loan Request Of $29.9bn

senate-sessionPresident Muhammadu Buhari’s request to take $29.9billion foreign loan has been rejected by Senate.

The president had last week forwarded a request to the National Assembly seeking its approval for the foreign loan to execute key infrastructural projects across the country between 2016 and 2018.

In his request letter, which was addressed to Senate President Bukola Saraki and Speaker of the House of Representatives, Buhari explained that targeted projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation among others.

According to him, the total cost of the projects and programmes under the borrowing (rolling) plan is 429.960billion comprising proposed projects and programmes loan ($11.274billion), Special National Infrastructure projects ($10.686billion), Euro bonds of $4.5billion and Federal Government budget support of $3.5billion.

The president, in the letter, further explained that the loan was very necessary in view of the serious infrastructure deficit in the country.

At the resumption of plenary on Tuesday, the Senate Leader, Ali Ndume (APC/Borno South) moved the motion for the consideration of the request and it was seconded by Deputy Minority Leader, Emmanuel Bwacha (PDP/Taraba South).

However, when the Senate President Saraki put a question on whether the request be considered or not, the senators voted against it.

Details later…