BREAKING: Senate Rejects President Muhammadu Buhari's $29.6bn External Borrowing Plan.

At The Senate Today

The Senate on Tuesday reject President Muhammadu Buhari’s proposal to borrow $30bn for  the execution of projects from 2016 to 2018.

Majority members of the Upper Chamber rejected the proposal when it was put to a voice vote by senate president Bukola Saraki.
The request was however not debated before it was voted out.

In the letter read on the floor of the House of Reps by Speaker Yakubu Dogara, the President explained:

“Considering the huge infrastructural deficit currently being experienced in the country and the enormous financial resources required to fill the gap in the face of dwindling resources and the inability of our annual budget to bridge the infrastructure deficit, it has become necessary to resort to prudent external borrowing to bridge the financial gap which will largely be applied to key infrastructure projects namely power, railway and road project amongst others.

“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.”