Buhari reacts to senate rejection of $30bn borrowing

Yesterday, the senate rejected a proposal by President Buhari to go into an external borrowing up to the tune of $30bn and the senate give reasons for their action being that the house needed for information on what the borrowing will be spent on. 

President Buhari has now reacted saying the executive is compiling more information so the senate can reconsider the proposal.

The president said, “We are not disputing with the distinguished Senate.

“There are certain information and details which will enable them to consider in detail, and appropriately the request of Mr President.

“So we are collating that information. The Budget Office of the Federation, the Debt Management Office, the Minister of Budget and National Planning, Minister of Finance and the economic team are collating the information so that it can be submitted to the Senate to enable them take the appropriate decision.

“We would be engaging the Senate. We will not be disputing with them but we will be engaging with them.

“When we present a matter before the legislature it is for them to consider and as they have considered, more information is needed and that information they are entitled to it and we would provide,” he said.