Senate rejects $30bn Loan Request

The Nigerian Senate, on Tuesday, threw out the request by President Muhammadu Buhari to borrow about $30bn as 2016 – 2018 External Borrowing Rolling Plan.

Recall that last week, Buhari wrote the upper chamber, seeking its approval to borrow the sum from the World Bank.

The borrowing plan was to address the infrastructure deficit in the health, education, water resources and other sectors.

The president’s plans to borrow the sum was rejected by Nigerians, as many, including human rights activists said the proposed borrowing was not needed at such a time.

Their desire has however been met as the Senate overwhelmingly voted against Buhari's request after it was subjected to a voice vote.
Culled: TheWhistler