Breaking: Senate Rejects FG’s $29.6bn Borrowing Plan | Independent Newspapers Limited
Newsletter subscribe

Latest News

Breaking: Senate Rejects FG’s $29.6bn Borrowing Plan

Nigeria senate, JAMB
Posted: Nov 1, 2016 at 3:43 pm   /   by   /   comments (0)

The Nigerian Senate, on Tuesday rejected the Federal Government’s planned foreign loan of $29.6 billion in its bid to stimulate the nation’s economy out of recession.

In a tweet on the senate’s official twitter handle, the upper house noted that while discussing the Executive Communication, specifically the 2016 – 2018 External Borrowing Rolling Plan, Senate President Bukola Saraki had put “the question and Senate votes NAY (no) to the request of President Muhammadu Buhari on 2016 External Borrowing Plan.”

The fund was proposed for infrastructure projects and budget support until 2018 to be sourced by way of Eurobonds sale of up to $4.5 billion and budget support of $3.5 billion.

Already, the lawmakers, including from members of the ruling All Progressives Congress (APC), have objected to government plans to sell oil and other assets to raise badly needed hard currency.