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Why Senate rejected Buhari’s $29.9bn loan request

The Senate, yesterday, unanimously rejected President Muhammadu Buhari’s 2016-2018 External Borrowing Rolling Plan request of N29.96 billion.

The loan request was rejected at about 11am yesterday, soon after the Senate convened for the day’s business. The request was part of the Order Paper. Leader of the Senate, Senator Ali Ndume, moved a motion that the request be considered.


He was supported by the Deputy Minority Leader, Senator Emmanuel Bwacha. President of the Senate, Bukola Saraki, who presided at plenary, put the question forward whether or not the request be debated.

He was interrupted by Senator Dino Melaye, who raised a Point of Order. He was still speaking when he was cut short by Saraki who insisted that the question be put forward before Melaye’s position could be accommodated.

When it was put to a voice vote, almost every Senator shouted ‘nay’. Not certain, Saraki again called for another voice vote. Lawmakers again thundered, ‘nay’. Saraki thereafter ruled in favour of those who voted against the loan request.

Meanwhile, several reasons has emerged on why the lawmakers rejected the president's request. According to Daily Sun, it was revealed that the Senate rejected the President Buhari's request because of the non-attachment of the breakdown of the $29.9 billion external borrowing plan to the letter he sent to the Senate.


The second reason, it was gathered, was based on the refusal of President Buhari to send Federal Government’s 2016-2018 borrowing plan contained in the last paragraph of the letter.

A senator who spoke with Daily Sun, was quoted as saying; “That the president had claimed that there was an attachment containing the breakdown of the external loan request. But there is no attachment. President Buhari did not attach the breakdown. There is no way we can consider such a request.

“Secondly, the President has not sent Federal Government’s 2016-2018 borrowing plan to the Senate.
That ought to have been sent first for consideration and passage before this request. If we consider this request, how do we do that? These are the obvious reasons. There is no political undertone here,” the Senator added.

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