Senate rejects President's plea to borrow $29.6B

The Senate has on Tuesday, November 1, 2016, rejected

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.

Last week, President Buhari had written to the Senate and House of Representatives in two separate letters seeking the approval for an external borrowing to ensure the prompt implementation of projects.

“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.

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It should 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.