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Buhari To Present Another $30b Loan Request To Senate


By Dipo Olowookere

The Presidency has disclosed that it would soon engage the Senate with a view to getting the legislative arm of government approve President Muhammadu Buhari’s request to seek $29.96 billion loan from foreign financial institutions.

On Tuesday, the upper legislative chamber of the National Assembly rejected the President’s request to obtain loan internationally to provide infrastructural projects for Nigerians between now and 2018.

He had presented his letter to the Senate last week.

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But today, the lawmakers rejected the loan proposal, explaining that the executive failed to present its economic blueprint on how it plans to actually borrow, spend and service the loan.

Addressing newsmen in Abuja after the Senate threw out the request, the Senior Special Assistant to the President on National Assembly Matters (Senate), Mr Ita Enang, said the presidency would provide the Senate with the needed information.

He played down speculations that the Executive was at war with the upper chambers.

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“We are not disputing with the distinguished Senate. There are certain information and details which will enable them to consider in detail and appropriately the request of Mr President are contained in the plan.

“So we are collating that information, the budget office of the federation, the debt management office, the Minister of Budget and National Planning, Minister of Finance and the economic team they are collating the information so that they can be submitted to the Senate to enable them take the appropriate decision.

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“We would be engaging the Senate. We will not be disputing with them, but we will be engaging with them. When we present a matter before the legislature, it’s for them to consider and as they have considered, more information is needed and that information they are entitled to it and we would provide,” Mr Enang said.

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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.

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