BREAKING: Nigerian Senate Rejects Buhari $30bn Borrowing Request: And Here’s Why

The Nigerian Senate has declined to approve President Muhammadu Buhari’s request to borrow $30bn for the execution of projects from 2016 to 2018.

SKYTREND NEWS gathered that the $30bn loan was turned down because there was no supporting documents accompanying the request.

Majority of the members of the Upper Chamber rejected the proposal when it was put to a voice vote by senate president, Bukola Saraki.

This was revealed in a tweet by Nigerian Senate moment ago.

“Senators turn down request for approval for external borrowing due to lack of documents supporting the request as referenced in the letter”, the tweet reads.

The president had on October 26, 2016, forwarded the request to the National Assembly to approve external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.

He also requested for virement of N180.8 billion in the 2016 budget for provision of needed votes for some critical sectors across the 36 states of the federation and the FCT.

SKYTREND NEWS gathered that the request has not even been subjected to a debate before it was rejected by a voice vote.