Senate Rejects Buhari’s Request To Borrow $29.960 Billion

buharis-nominee-insists-senate-must-go


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.

    Join the ICIR WhatsApp channel for in-depth reports on the economy, politics and governance, and investigative reports.

    Support the ICIR

    We invite you to support us to continue the work we do.

    Your support will strengthen journalism in Nigeria and help sustain our democracy.

    If you or someone you know has a lead, tip or personal experience about this report, our WhatsApp line is open and confidential for a conversation

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here


    Support the ICIR

    We need your support to produce excellent journalism at all times.

    - Advertisement

    Recent

    - Advertisement