Nigerian Senate Rejects Buhari’s $29.9bn External Loan Request

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nigerian_senate_buhari_sarakiThe Senate this morning rejected the request of President Muhammadu Buhari to borrow $29.9 billion foreign financial institutions. Senators turn down request for approval for external borrowing due to lack of documents supporting the request as referenced in the letter.

The Senate Leader Ali Ndume had moved the motion for the consideration of the request and it was seconded by Deputy Minority Leader, Emmanuel Bwacha.

However, when the Senate President, Bukola Saraki, put a question on whether the request be considered or not, the senators voted against it.

President Buhari had last week requested for the lawmakers’ approval to secure $29.9billion loan and the virement of N180billion for critical capital and recurrent expenditure including NYSC, Amnesty, Armed forces, foreign missions among others.