$30bn Foreign Loan: Senate Rejects Buhari’s Request for Anticipatory Approval

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Citing technical inadequacies, the Senate yesterday threw out President Mohammadu Buhari’s request for the National Assembly to grant him anticipatory approval to obtain $30 billion foreign loan for infrastructural development.

The senate upon the presentation of the “2016-2018 External Borrowing Rolling Plan”, via a motion by Senate Leader, Ali Ndume and seconded by Deputy Senate President, Ike Ekweremadu, rejected the loan request.
When the motion was put to vote by the Senate President, Bukola Saraki, an overwhelming nays voice vote drowned out those in support of the motion.
Addressing newsmen after the sitting, Ndume said the request lacked technical details.
“It was technically rejected; the rejection was on a technical ground, but I am going to re-present it and appeal to my colleagues to support it.
nass“But I must confess honestly, that I was shocked today by my colleagues. I did not expect that they would reject the proposal; otherwise, I would have lobbied them or at least, I would have withdrawn it.
“The letter said that a draft detail of the borrowing plan was attached, but we discovered that there was no attachment.
There was no detail on the borrowing plan. I believe that was what informed the decision of my colleagues,” he stated
Speaking on the development, Senior Special Assistant to the President on National Assembly, Senator Ita Enang, said government was working to plug the loopholes to enable the senate approve the plan.
“The Budget Office, Debt Management Office, the Minister of Finance and the entire Economic Team are collating all the information needed, and we will submit it to the Senate for them to do their work. We are not contending with the Senate”, he said.

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