Admin l Wednesday, January 11, 2017
ABUJA, Nigeria – The Nigerian Senate on Tuesday rejected request by President Muhammadu Buhari for a loan of $29.9 billion for infrastructural development.
Deposed Leader of the Senate, Ali Ndume had introduced the motion, seconded by Sen. Emmanuel Bwacha at plenary, but was rejected by majority of the senators in a voice vote.
The voice vote was conducted two times by the President of the Senate, Dr Bukola Saraki, and the request was turned down both instances.
In his letter to President of the Senate, Dr. Bukola Saraki and Speaker of the House of Representatives, Buhari explained how the money would be spent.
According to him, the total cost of the projects and programmes under the borrowing (rolling) plan is $29.96billion comprising proposed projects and programmes loan ($11.274billion), Special National Infrastructure projects ($10.686billion), Euro bonds of $4.5billion and Federal Government budget support of $3.5billion.
