Buhari seeks NASS reconsideration, approval on $30bn loan

Buhari seeks NASS reconsideration, approval on $30bn loan

President Muhammadu Buhari President Muhammadu Buhari on Thursday sought the reconsideration and approval of the National Assembly on the 2016-2018 Ex

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President Muhammadu Buhari President Muhammadu Buhari on Thursday sought the reconsideration and approval of the National Assembly on the 2016-2018 External Borrowing Plan of the Federal Government. Buhari’s request is contained in a letter address to President of Senate Ahmad Lawan and read at the plenary on Thursday, according to Vanguard.

“Request for the National Assembly to reconsider and approve the Federal Government’s 2016 and 2018 External Borrowing Plan. Pursuant to section 21 and Section 27 of the Debt Management Office Establishment Act. I hereby request for resolution of the Senate to approve the Federal Government’s 2016 and 2018 external borrowing plan as well as relevant projects under this plan.

“Specifically the senate is invited to note that while I had transmitted the 2016-2018 external borrowing plan to the 8th National Assembly in September 2016, this plan was not approved in its entirety by the legislature. Only the Federal Government’s emergency projects, for the North-East’s four states projects and one China Exim Bank assisted railway modernisation project for the Lagos-Ibadan segment were approved out of a total of 39 projects.

“The outstanding projects in the plan that were not approved by the legislature are nevertheless critical to the delivery of government policies and programmes relating to power, mining, roads agriculture, health, water, and educational sectors. These outstanding projects are well advanced in terms of their preparation consistent with the 2016 debt analysis undertaken by DMO and were approved by the Federal Executive Council (FEC) in August 2016 under the 2016-2018 external borrowing plan.

“Accordingly, I have attached for your kind consideration, relevant information from the Honourable Minister of Finance Budget and National Planning, the specific outstanding projects under the 2016 -2018 external borrowing plan for which the legislative approval is been sought. I have also directed the minister to make herself available to provide any additional information or clarification which you may require to facilitate prompt approval of the outstanding projects under this plan. While hoping that this request will receive the usual expeditious consideration by the Senate, please accept distinguished Senate President, the assurances of my highest consideration,’’ the letter stated.