Senate Rejects Buhari’s Plan to Borrow $30 billion

President Muhammadu Buhari
President Muhammadu Buhari

Senate rejects Buhari’s plan to borrow $30 billion

The Senate on Tuesday rejected President Muhammadu Buhari’s plan to borrow $30 billion from external bodies for infrastructural development.

The president had sent a request to the Senate recently seeking approval to borrow $30 billion to finance critical projects in the country.

At its sitting on Tuesday in Abuja, Nigeria, the senators did not even debate the borrowing plan but decided to vote on the borrowing plan.

Majority of the senators voted against Buhari’s move to borrow $30 billion for infrastructural development between 2016 and 2018.

There have been dissented voices for and against Buhari’s plan to borrow $30 billion at this period of economic recession.

While some supported the move, others said it would further plunge the nation into serious debt crisis.

Post Author: Dayo Emmanuel