Stella Dimoko Reason Senate Rejected Buhari’s $30bn Loan Request


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Wednesday, November 02, 2016

Reason Senate Rejected Buhari’s $30bn Loan Request

THE Senate, yesterday, unanimously, threw out President Muhammadu Buhari’s request for external loan of $29.96 billion to execute key infrastructural projects across the country between 2016 and 2018 because the letter conveying it was not accompanied by a borrowing plan. 

The Senate did not even discuss the request as it died immediately it was mentioned as an executive communication by Senate Leader, Senator Ali Ndume. However, the Presidency, in a swift reaction by Senior Special Assistant to the President on National Assembly Matters, Senate, Senator Ita Enang, said it would engage the Senate and provide all the needed documents and borrowing plan.

 The matter came up soon after the Senate convened for the day’s plenary and the request was number one under Executive communication in the Order Paper. Leader of the Senate, Senator Ali Ndume, moved a motion that the request be considered and his motion was seconded by the Deputy Minority Leader of the Senate, Senator Emmanuel Bwacha. 

President of the Senate, Bukola Saraki who presided over the plenary, put the question forward whether or not the request should be debated. However, Senate President Saraki was interrupted by Senator Dino Melaye, APC, Kogi West, who raised a point of order. He was still speaking when he was cut short by Saraki, who insisted that the question be put forward before Melaye’s position will be accommodated. 

Senate President Saraki, thereafter put it to vote and the nays had it. Senator Saraki who was surprised and apparently out to give President Buhari a soft landing, decided to put it to vote the second time and the Senators again thundered ‘nay’ and the Senate President had no option than to rule in favour of those who voted against collecting the loan. The request was shot down at about 11am yesterday.


  1. It's better it was ruled out, am not in support of such huge loan

  2. Good morning Stells n my fellow bvn,Di's Glo sub been giving me hassles since yesterday, Glo users, how una dey use am?

    1. I no fit shout. I don't understand glo any longer

  3. I don't understand why he needs a loan of 30bn,what about all the money collected by EFCC from all these people charged with money laundering na,he should take from there..


  4. Let Buhari and his team do the needful then.

  5. Say what???? 30 billion Kini???? Haaaaa, there presido,za amount of money has given me a Headache.


  6. That saraki is just plain foolish, so he wanted the second one to work nau, they don't even need a reason to "off" that kind of request

  7. Even the Senate presidents are angry.
    Bubu you are in soup

  8. 30bn $ and not even Naira
    When will Nigeria finish paying this kind huge money
    I thought he took money from China?
    Let's manage what we have

    I watch Min of Finance and Foreign Investors discussion yesterday
    Please is d Minister shy?
    Why was she looking down mostly when ever she's talking

    It's not foreign English abeg, I think that position is too much for her and i'av the feeling when they are reshuffling she will be affected

  9. Why can't they impeach Vuharia?,..
    It should be my dream come true!,,

  10. our president has refused to work with technocrats, that's the reason why the once largest economy in Africa wants to borrow.
    Kudos to our senators for saying nay. see how ignorant the presidential team are: they failed to include their borrowing plan.

  11. This man is a complete moron

  12. Nice. In full support of the senate. I can see every one is up and doing now.

  13. I voted for this government,now am losing it.

    1. Ndo. Next time be like me. Between the devil and the deep blue sea..... You stand still, watch and not choose.

    2. He wants to discus with them one on one like Dogura abi wetin be that man name. He is already thinking about investing in the next Elections as that can be the only thing he will borrow for. So all they have been saying were all lies? China this, EFCC that. All those can't be used because it's not in dollars sebi?

  14. I agree with the Senate, what does he need that huge amount for, and I ask what about all the sized EFCC realised?


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