Senate Rejects Buhari’s $30bn Loan Request

Senate Rejects Buhari’s $30bn Loan Request

The Upper Chamber of the National Assembly has rejected the plan by President Muhammadu Buhari for external borrowing of $30bn for the execution of projects from 2016 to 2018.

Senators who voted ‘Nay’ had their way when the borrowing plan was put to a vote on the floor of the chamber during the plenary on Tuesday.
The overwhelming vote by the lawmakers did not allow the borrowing plan to be debated at all.
Recall that Buhari had last week written to the Senate, requesting for the approval to borrow about $30bn as 2016 – 2018 External Borrowing Rolling Plan.