ga('create', 'UA-82078971-1', 'auto'); ga('require', 'displayfeatures'); ga('require', 'linkid', 'linkid.js'); ga('set', 'forceSSL', true); ga('send', 'pageview');

BREAKING: Senate Rejects Buhari’s $29.9b Loan Request


By Modupe Gbadeyanka

President Muhammadu Buhari has lost his bid to borrow $29.96 billion from foreign financial institutions to pump into executing infrastructural projects across the country between 2016 and 2018.

Mr Buhari had written a letter to the Senate on October 22, 2016, seeking their approval to go ahead with the loan.

ALSO READ  Will Nigerian Senate Get it Right on Healthcare?

He had explained in his letter that the $29.96 billion loan was made up of proposed projects and programmes loan of $11.274 billion, special national infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.

But on Tuesday, the upper legislative chamber threw out the request.

ALSO READ  Senate Passes New CAMA Bill to Ease Business Transactions

At the plenary today, when the request was put to a voice vote, majority of the lawmakers rejected the President’s borrowing plan request.

Related Articles

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

more recommended stories

%d bloggers like this: