Nigerian senators has rejected President Buhari’s appeal to borrow $29.96 billion from external sources.
The senate voted overwhelmingly against the proposal today (Tuesday).
Senator Ali Ndume had called on the request to the senate for consideration, Senate President Bukola Saraki, put the request to a vote.
The Senators shouted it down with a loud “nay.”
Last week, Buhari had asked the senate for approval to borrow the sum of $29.960bn.
He also sought an amendment of the 2016 budget, so that a total of N180bn could be moved from the special intervention fund to critical items in the appropriation Act.
“I wish to refer to the above subject and to submit that attached draft of the federal government 2016-2018 external borrowing plan for consideration and early approval by the national assembly to ensure prompt implementation of projects,” he wrote in a letter to the senate.
“The projects cut across all sectors with special emphasis on infrastructure, agriculture, health, education, etc.
“The total of the projects and program under the borrowing plan is $29.960 billion.
“It is made up of proposed projects and programs 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.
“The projects and programs in the borrowing plan were selected based on positive technical economic evaluations.
“The projects and programs will be implemented in all the 36 states and the Federal Capital Territory (FCT).
“Considering the huge infrastructure deficit currently being experienced in the country and the enormous financial resources required to fill the gap in the face of dwindling resources and the inability of our annual budgetary provisions to bridge the infrastructure deficit.”
“Given the emergency nature of the facilities and the need to consolidate the peace and return the region to normalcy and considering the time it will take to get national assembly’s approvals.
“It has become inevitable to request for the NASS leadership approval pending the consideration and approval of the 2016-2018 borrowing plan by the national assembly to enable us disburse these funds immediately,” Buhari’s letter read.
But the Senate quickly kicked out the proposal without a debate.