{"id":54211,"date":"2016-11-01T15:51:06","date_gmt":"2016-11-01T14:51:06","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=54211"},"modified":"2016-11-01T15:51:06","modified_gmt":"2016-11-01T14:51:06","slug":"senate-sets-stage-executivelegislature-war-rejects-buharis-30billion-loan-request","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/senate-sets-stage-executivelegislature-war-rejects-buharis-30billion-loan-request\/","title":{"rendered":"Senate Sets Stage For Executive\/Legislature War, Rejects Buhari&#8217;s $30billion Loan Request"},"content":{"rendered":"<p>Nigeria&#8217;s Senate <span class=\"aBn\" tabindex=\"0\" data-term=\"goog_1443387053\"><span class=\"aQJ\">on Tuesday<\/span><\/span> unanimously rejected plans by President<br \/>\nMuhammadu Buhari to engage in external borrowing of $29.960billion for<br \/>\nexecution of key infrastructural projects across the country between 2016<br \/>\nand 2018.<\/p>\n<p>Without even a debate, Senators outrightly shut down the mention of the<br \/>\nExecutive letter requesting approval to borrow $29.960billion.<\/p>\n<p>As soon as Senate Leader, Senator Ali Ndume stated &#8220;that the Senate do<br \/>\nconsider the request of the President Commander in Chief on the 2016 \u2013<br \/>\n2018 External Borrowing Rolling Plan,\u201d the mood in the chambers changed.<\/p>\n<p>Soon after Ndume\u2019s remarks, Senate President Bukola Saraki now puts it to<br \/>\nVote and the Nays had it. Senator Saraki who was surprised and trying to<br \/>\ngive President Buhari a soft landing, decided to put it into vote the<br \/>\nsecond time and the Nays still had it and he ruled.<\/p>\n<p>It would be recalled that President Muhammadu Buhari had on Tuesday last<br \/>\nweek written to the National Assembly seeking for the approval of external<br \/>\nborrowing plan of $29.960billion for execution of key infrastructural<br \/>\nprojects across the country between 2016 and 2018.<\/p>\n<p>The letter titled, \u201cRequest for Approval of Federal Government 2016 \u2013 2018<br \/>\nExternal Borrowing( Rolling) Plan\u201d was read on the floor of the Senate\u201d<br \/>\nPresident Buhari had explained in the letter that external borrowing plan<br \/>\nwould be targeted at projects which cut across all sectors with special<br \/>\nemphasis on infrastructure, Agriculture, Health, Education , Water supply<br \/>\n, Growth and employment generation , poverty reduction through social<br \/>\nsafety net programmes and governance and financial management reforms etc.<\/p>\n<p>According to him,\u201d the total cost of the projects and programmes under the<br \/>\nborrowing (rolling) plan is $29.960billion made up of proposed projects<br \/>\nand programmes loan of $11.274billion, Special National Infrastructure<br \/>\nprojects $10.686billion, Euro bonds of $4.5 billion and Federal Government<br \/>\nbudget support of $3.5billion \u201c.<\/p>\n<p>The President who also explained that the loan was very necessary in view<br \/>\nof the serious infrastructural deficit, the nation is facing, said,<br \/>\n\u201cConsidering the huge infrastructure deficit currently being experienced<br \/>\nin the country and the enormous financial resources required to fill the<br \/>\ngap in the face of dwindling resources and the inability of our annual<br \/>\nbudgetary provisions to bridge the deficit, it has become necessary to<br \/>\nresort to prudent external borrowing to bridge the financing gap, which<br \/>\nwill largely be applied to key infrastructure projects namely Power,<br \/>\nRailway and roads projects among others.\u201d<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s Senate on Tuesday unanimously rejected plans by President Muhammadu Buhari to engage in external borrowing of $29.960billion for execution of key infrastructural projects across the country between 2016 and&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":54212,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-54211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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