The Nigerian Senate has rejected President Muhammadu Buhari’s request for approval of $29.6bn external borrowing. The matter went into a voice vote when it was brought forward and the nays had it. .
The senators turned it down due to what they called “lack of documents supporting the request as referenced in the letter”. The president, last Tuesday, forwarded a request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.
Mr. Buhari said the external loan, the biggest in Nigeria’s history, will fund targeted projects cuts across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.
Other sectors, he said, included poverty reduction through social safety net programmes and governance and financial management reforms, among others.
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