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.

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.

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