Senate Rejects Buhari’s Request To Borrow $29.960 Billion


The Senate has turned down the request of President Muhammadu Buhari to borrow about $30 billion.

The president’s request was sent to the National Assembly last Tuesday asking for approval to borrow the sum of $29.960 billion with which to execute key infrastructural projects across the country between 2016 and 2018.

However, when the request came up for consideration at the Senate on Tuesday, and the Senate President, Bukola Saraki called for a voice vote, the response was an overwhelming ‘nay’.

The Senate president asked the question a second time and the response was the same.



    President Buhari had in his letter last week said that the external loan – which is the biggest in the country’s history – will be used to fund targeted projects cutting across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.

    The breakdown of the projects for which the borrowing was intended is as follows: proposed projects and programmes loan, $11.274 billion; special national infrastructure projects, $10.686 billion; Euro bonds, $4.5 billion and Federal Government budget support, $3.5 billion.

    There were calls from many sections of the country against the proposed borrowing, notably from the opposition Peoples Democratic Party, PDP, as well as from a popular Lawyer and human rights activist Femi Falana.

    The outspoken legal practitioner advised the legislators no to approve Buhari’s proposition as it would mortgage future generations of the country.

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