Buhari Seeks Senate Approval for $30bn External Borrowing Plan Rejected By Saraki.

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President Muhammadu Buhari has written the Senate, seeking approval for the 2016-2018 $30billion External Borrowing Plan of the federal government rejected by the 8th Assembly under the leadership of Dr Bukola Saraki.

The 8th Assembly turned down the request in 2016 stating that such borrowing is not sustainable and will deepen the country into more debt.

However, on Thursday, the President re-presented the borrowing plan to the ninth Senate in a letter read by the Senate President, Ahmad Lawan during the plenary.

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

The president was approved by the Federal Executive Council, FEC, in August, 2016 and was first sent to the Senate in November 2016 buy was rejected by the legislative house.

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