$29.9bn Loan: Presidency To Engage Senate on Reasons For Approval

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(Last Updated On: 2016-11-01)

$29.9bn Loan: Presidency To Engage Senate on Reasons For Approval


Nahimat Adekoga


Following Senate’s earlier rejection of $29.9 billion loan request by President Muhammadu Buhari on Tuesday, the Presidency has said would further engage the upper legislative chambers with reasons to shelve it’s disapproval.

The Senior Special Assistant to Buhari on National Assembly Matters, Sen. Ita Enang while briefing newsmen in Abuja on Tuesday, said more information on reasons to approve the loan will be presented to the senate.

The leader of the Senate, Ali Ndume had told newsmen after plenary that the request was rejected due to absence of certain documents that should have accompanied the letter.

Enag 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,” he said.

It could be recalled that the senators during plenary earlier in the day rejected the external borrowing plan, stating absence of certain documents on why they should grant the president’s wish.

At a vote on floor of the chamber , Senate members kicked against the borrowing plan due to what they called lack of documents supporting the request as referenced in the letter forwarded by the president.

The Senate Leader, Ndume had moved the motion for consideration of the request and it was seconded by Deputy Minority Leader, Emmanuel Bwacha.

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However, when Senate President, Bukola Saraki, put a question on whether the request be considered or not, the senators voted against it in large numbers.




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