President Buhari speaks on Senate’s rejection of $29.96bn loan
– The Presidency says it will not dispute the decision of the Senate to reject the N10trillion loan request of President Muhammadu Buhari
– The Senators turned down request for approval for external borrowing due to lack of documents supporting the request as referenced in the letter sent by the President
President Muhammadu Buhari
The Presidency has said it will not dispute the decision of the Senate to reject the request of President Muhammadu Buhari to borrow $29.9bn.
Senator Ita Enang, the senior special assistant to President Buhari on National Assembly Matters, stated this while briefing jornalists in Abuja on Tuesday, November 1.
The Senate had on Tuesday rejected the request of the president Buhari to borrow $29.9 billion dollars as part of its external borrowing plan for 2016 to 2018.
Ali Ndume, the leader of the Senate, said that the request was rejected due to the absence of certain documents that should have accompanied the letter.
READ ALSO: Buhari, House of Reps set to clash over $30 billion loan
Enang, said: “We are not disputing with the distinguished Senate. There are certain information and details which will enable them to consider in detail, and appropriately the request of Mr President.
“So we are collating that information. The Budget Office of the Federation, the Debt Management Office, the Minister of Budget and National Planning, Minister of Finance and the economic team are collating the information so that it can be submitted to the Senate to enable them take the appropriate decision.
“We would be engaging the Senate. We will not be disputing with them but we will be engaging with them. When we present a matter before the legislature it is for them to consider and as they have considered, more information is needed and that information they are entitled to it and we would provide.”
In another development, a Senior Advocate of Nigeria, Femi Falana has raised the alarm that the decision of the federal government to take $29.960bn loan will tie down the country’s future generation with debts.
He called on the federal government to drop its plan to borrow $29.960 billion to execute key projects across the country because it would amount to “putting the collective destiny of the younger generation in jeopardy”.
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