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$30bn loan rejection won’t affect 2017 budget - Presidency

22 December 2016, 21:50

Abuja - The Presidency has explained that the Senate rejection of the $30 billion loan request by President Muhammadu Buhari would not affect the implementation of the 2017 budget.

It said  the 2017 budget would be successfully implemented without the loan, reports Punch

The Senior Special Assistant (SSA) to the President on National Assembly Matters (Senate), Senator Ita Enang, disclosed this during a press briefing in Abuja on Wednesday.

News 24 recalls that the Senate had in November rejected the proposal by Buhari to engage in external borrowing of $30 billion.

According to the President, the loan, if obtained by the Federal Government, would be used for execution of key infrastructural projects across the country between 2016 and 2018.

Also read: REVEALED: Why Senate rejected Buhari’s $30bn loan request

Enang explained that there were lots of misunderstanding on the purpose and benefits of the loan to the economy and Nigerians in particular.

He said the 2017 budget process would be smoother than those of the previous years, because there was enough consultation.

- News 24

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