Nigeria’s Senate Rejects Buhari's Request To Borrow Billions
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Nigeria’s Senate Rejects Buhari's Request To Borrow Billions

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Added by Headlines Africa in Nigeria


The Nigerian senate has rejected President Muhammadu Buhari's request to borrow around 30 billion dollars from the international community. Buhari had asked the National Assembly to approve an external borrowing plan to execute key infrastructural projects across the country between 2016 and 2018. The external loan would be the biggest in Nigeria's history, and fund targeted projects across all sectors. A special focus will be on infrastructure, agriculture, health, education, water supply, and employment. Buhari's borrowing plan includes the sale of Eurobonds and budget support. The senate, though, says more documentation supporting the request is needed before it can approve it.

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