Buhari Resurrects Request For $30Billion External Loan

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Buhari, senate, external loan

A letter from President Muhammadu Buhari seeking legislative approval for fresh external borrowing was read to the gathering of senators on Thursday by President of the Senate, Ahmad Lawan.

President of the Senate while reading the letter addressed to him by President Buhari was however silent on the total amount being sought by the latter.

But President Buhari in the letter recalled that he was merely resubmitting a similar request sent to the 8th National Assembly for their approval which was however shut down under the leadership of Senator Bukola Saraki and Yakubu Dogara, immediate past Senate President and Speaker of the House of Representatives, respectively.

n his ”fresh” request tagged, ‘Request for the National Assembly to reconsider and approve the federal government’s 2016-2018 external borrowing plan’,  President Buhari stated.

“I hereby request the resolution of the Senate to hereby approve the Federal government 2016 – 2018 external borrowing plan as well as relevant projects under this plan.

“Specifically, the Senate is invited to note that while I had sent the 2016 – 2018 external borrowing plan to the 8th National Assembly in September 2016, this plan was not approved in its entirety by the legislature.

“Only the Federal Government emergency project for the Northeast, four states projects and one China Exim bank assisted railway modernisation project for Lagos-Ibadan segment was approved out of a total of 39 projects.”

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