Nigerian Senate Rejects President Buhari’s Request To Borrow $30 Billion

The Nigerian Senate Tuesday declined to sanction President Muhammadu Buhari’s request to borrow about $30 billion.

The president had on October 26, 2016, forwarded the request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018. He also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some critical sectors across the 36 states of the federation and the FCT.

Buhari made the requests in two separate letters to the President of the Senate, Dr Bukola Saraki, and Speaker of the House of Representatives, Mr Yakubu Dogara, which were read on the floor of both chambers.

When the question was put to commence the consideration of the request senators answered in the negative, rejecting the proposal. The President of the Senate Bukola Saraki who appeared surprised by the position of the senators posed the question again and many more senators answered “nay”. Saraki, therefore, ruled in favour of the dissenting voices and the request was rejected. Read more on this here.