Saraki Rejects President Buhari Plan For $30Bn External Borrowing

 

President Muhammadu Buhari has written the Senate, seeking approval for the 2016-2018 $30billion External Borrowing Plan of the federal government.

We report that the plan was rejected by the former Senate President Bukola Saraki-led 8th Senate for undisclosed reasons.

However, on Thursday, the President re-presented the borrowing plan to the ninth Senate in a letter read by the Senate President, Ahmad Lawan during today’s plenary.

In the request letter, Mr. Buhari informed the upper legislative chamber that the borrowed fund would be used to fund 39 emergency projects in the power, agriculture, road and mining sectors of the nation’s economy.

The president recalled that the plan was approved by the Federal Executive Council, FEC, in August 2016 and was first sent to the Senate in November 2016.