Following the recent misunderstanding between the Executive and the Legislative arms of government, which has seen the Senate reject two important documents forwarded to it by President Muhammadu Buhari, Senate President Bukola Saraki on Friday visited the Aso Rock Presidential to have a chat with the President.
The Senate on Thursday rejected the 2017-2019 Medium Term Expenditure Framework, MTEF, as well as the Fiscal Sustainability Paper, FSP, forwarded to the upper legislative chamber by President Muhammadu Buhari.
Following Senate’s rejection of the external borrowing proposal from the presidency on Tuesday, the ministries of Finance and Budget and National Planning as well as the Debt Management Office, DMO, have commenced plans to represent the matter to the senate in a more detailed manner.
The Senate has turned down the request of President Muhammadu Buhari to borrow about $30 billion. 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’.
Nigeria’s Debt Management Office, DMO, has said that the maximum amount of money the country can comfortably borrow in 2017 is $22.08 billion, as anything more will violate the country-specific threshold.
