Buhari Seeks Senate’s Approval for 2016-2018 $30bn External Borrowing Plan

Muhammadu Buhari

By Deji Elumoye

President Muhammadu Buhari has re-presented the 2016-2018 $30 billion External Borrowing Plan of the federal government to the Senate for approval.

The plan, approved by the Federal Executive Council (FEC) in August, 2016 and sent to the Senate in November 2016, was however rejected by the eighth Senate.

The president has, therefore, re-presented the borrowing plan to the ninth Senate for approval and a letter to that effect was on Thursday read at plenary by the Senate President, Dr Ahmad Lawan.

In the request letter, President Buhari informed the upper legislative chamber that the borrowed fund will be used to fund 39 emergency projects in the power, agriculture, road and mining sectors of the nation’s economy.

Details later…