Presidency Replies Senate on Rejection of Request for $29.9bn Loan

By Ikenga Chronicles November 1, 2016

The presidency has spoken on the rejection of the proposed $29.9bn external loan by the senate.

It said it would not dispute the decision of the Senate to reject the request of President Muhammadu Buhari.

Senator Ita Enang, the Senior Special Assistant to President Buhari on National Assembly Matters, stated this while briefing journalists in Abuja on Tuesday, November 1.

The Senate had on Tuesday rejected the request of the president 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.

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 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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