Why Senate rejected Buhari’s $30bn loan request

The Senate has said that it rejected President Muhammadu Buhari’s $29.9billion external borrowing plan because the Presidency failed to attach its draft plan of the 2016 to 2018 borrowing plan.

The Senate on Tuesday rejected the request of President Buhari to borrow $29.9billion. Although the borrowing plan was slated on the Order Paper and later refereed to the relevant committee for further legislative action, it was rejected when it was put to voice vote by Senate President Bujola Sakari, who presided over plenary.

To clear his doubts, Saraki put the question to voice vote the second time and it was unanimously rejected again.

A source in the National Assembly who confided in BusinessDay, revealed that giving approval to the President’s request would amount to giving ‘anticipatory approval’ to the borrowing plan yet to be submitted to the National Assembly.

Senate Leader Ali Ndume also told newsmen after plenary that details of the borrowing plan was not presented by the President to enable the legislative chamber know how the loan would be spent.

It was reliably gathered that except a senator moves a motion asking the Senate to rescind its decision on this matter, the borrowing plan can never be re-introduced by the President, except in the Third Session of the 8th Senate, which commences on June 2017.