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Senate rejects Buhari’s $30bn loan request

01 November 2016, 12:07

Abuja - The Senate on Tuesday morning rejected the consideration of a request of President Muhammadu Buhari’s $29.9bn External Borrowing Rolling Plan over a period of three years.

The money is for the execution of projects from 2016 to 2018.

Buhari had last week written to the National Assembly proposing to borrow the money to meet some of the proposals in this year’s budget and up till 2018.

Buhari in a letter dated October 20, 2016 and addressed to Senate President Bukola Saraki and Speaker Yakubu Dogara,  Buhari also forwarded a request seeking approval for a sum of N180.8 billion as a virement to fund shortfalls in the 2016 Budget.

Also read: FG won't fully implement 2016 budget

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

The borrowing plan was not debated at all.

- News 24

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