Today, Tuesday, November 1st, 2016, the Nigeria Senate rejected President Muhammadu Buhari’s $29.96 billion loan request.
Last Tuesday, the president wrote a letter to the National Assembly requesting their approval of an external borrowing plan that would see Nigeria source for a $29.96 billion loan to be used to develop vital infrastructural projects around the country. He sent two separate letters to the National Assembly–one to the Senate president, Bukola Saraki, and another to the Speaker, House of Representatives, Yakubu Dogara.
The president explained that the loan would be used to tackle the country’s huge infrastructural deficit and to bridge the financing gap. His borrowing plan included the sale of Eurobonds worth $4.5 billion and budget support of $3.5 billion.
On Monday, Femi Gbajabiamila, Majority Leader of the House, was quoted to have said that the request would be approved. However, today, the Senate decided to reject it due to a “lack of documents supporting the request as referenced in the letter.”
