It was reported late last month that President Buhari had via a letter requested the National Assembly to approve his administration’s external borrowing plan in other to enable him execute key programmes and infrastructural projects across the country.
“The total cost of the projects and programmes under the borrowing plan is 29.96 billion US dollars, made up of proposed projects and programmes loans of 11.274 billion US dollars, special national infrastructure projects of 10.686 billion US dollars, Eurobonds of 4.5 billion US dollars and federal government budget support of 3.5 billion US dollars,” the letter read in parts.
However, The Senate has on Tuesday, November 1, 2016, rejected President Muhammadu Buhari’s request for approval to borrow $29.6 billion.
According to multiple reports, the matter was rejected by several Senators who voted Nay to the approval sought when it was brought forward.
It was further reported that the sole reason many senators turned down the external borrowing request was the “lack of documents supporting the request as referenced in the letter” by the President.
Though President Buhari had said that the need for the external loan was to promptly implement projects that cut across agriculture, health, education, and water supply, the Senate didn’t seem convinced.
It should also be noted that the Peoples Democratic Party had urged the National Assembly to reject the plea saying the President has not shown convincing need for the external loan.