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Saraki throws $30bn loan request back at Buhari

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More than one week after lawmakers rejected President Muhammadu Buhari’s 2016-2018 External Borrowing Rolling Plan request of $29.9 billion, the Senate has returned the proposal to the President.

Also returned are the Medium Term Expenditure Framework (MTEF) and the Fiscal Strategy Paper (FSP) of 2017-2019.

It could not immediately be ascertained when the two documents were returned to President Buhari.

The Senate on Tuesday, 1st November, 2016, rejected President Buhari’s loan request. Two days later, it launched a fresh offensive against the President’s MTEF and FSP, describing the documents as empty.

Read also: Senate dumps Buhari’s $29.9bn loan request

Observers believe that the failure of the executive to submit supporting documents to the loan request and the MTEF/FSP for examination, have held up the 2017 budget process.

The Senate leadership has long established that it had hoped to resolve some of the outstanding issues of disagreements ahead of the presentation of the 2017 budget.

In a letter dated 19th of October, 2016 and signed on behalf of the Senate by Ndume, Minister of Budget and National Planning, Udoma Udo Udoma was expected to brief the Senate leadership on some key issues contained in the MTEF/FSP documents.

“To enable the Senate objectively review the MTEF from a holistic fiscal perspective, we deem it necessary to invite you to a meeting to brief the leadership of the Senate on Tuesday, Ist November, 2016 at the National Assembly by 2pm,” Ndume’s letter of invitation to Udoma had read.

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0 Comments

  1. Roland Uchendu Pele

    November 10, 2016 at 3:30 pm

    The senators seem to be smarter than the members of the federal executives. It would have been really bad for Nigeria at this point if we had both the Executive and the Legislative arm acting dumb and clueless.

    • yanju omotodun

      November 10, 2016 at 7:39 pm

      Who told you the senators are better than FEC or the executives? It’s just that the loan doesn’t favour them and there was no brown envelope accompanied with the loan proposal to the Senate.

      • Johnson Amadi

        November 10, 2016 at 7:49 pm

        Nigeria of today, nonsense isn’t allowed. The senate was right to have rejected Buhari’s request based on the reason given. This has nothing to do with brown envelope

        • JOHNSON PETER

          November 10, 2016 at 8:51 pm

          Hmmmmm.
          Oga wizkid, brown envelope is involved too. If it was during OBJ or Jonathan, the senators would have ratified it sharply without asking for details because brown envelopes will make them smile .

          • Amarachi Okoye

            November 11, 2016 at 3:12 am

            So what are you trying to say.that Obansenjo and Jonathan regem is a corrupted one. Because i see buhari own as the head of corruption

        • Joy Madu

          November 11, 2016 at 3:22 am

          That is what you read hear but at the back the brown envelope will show and the next day you will read that the envelope was been accepted by the Senate’s

      • Nonso Ezeugo

        November 11, 2016 at 3:15 am

        I agree with you because our senate like brown envelope so much because is part of there bribbing and corruption

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