Tue. Jan 21st, 2020

Buhari Re-Presents $30bn loan request, turned down by the 8th Assembly To 9th Assembly for Approval

President Muhammadu Buhari had in September 2016 presented an external loan of $30bn under the guise of 2016-2018 external borrowing, to the Saraki led 8th Assembly but was turned down.

On Wednesday Plenary session, the President represented the same proposal which he said was going to be used for infrastructural development for projects in the power, agriculture, transport and mining sectors of the Nigerian economy.

In the new request, Buhari said the loan will fund 39 emergency projects in the Power, Agriculture, Transport & Mining sectors of the Nigerian economy.”

PmNews reported that the letter titled;

The letter titled: “Request for the National Assembly to reconsider and approve the Federal Government’s 2016-2018 external borrowing plan” reads in part:

“Pursuant to Sections 21 and 27 of the Debt Management Office (Establishment Etc) Act, I hereby request for resolutions of the Senate to approve the Federal Government’s 2016-2018 External Borrowing Plan as well as relevant projects under this plan.

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