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$29.96bn loan: Lai Mohammed reveals Buhari’s next move after Senate rejection

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$29.96bn loan: Lai Mohammed reveals Buhari’s next move after Senate rejection by jchima14(: 9:20 pm On Nov 02, 2016

After Senate rejected President Muhammadu Buhari’s request for a $29.96billion loan on Tuesday, November 1, minister of information and culture Lai Mohammed has revealed what is the next line of action.

The Minister of Information and Culture, Alhaji Lai Mohammed

According to Reuters, Lai Mohammed told a group of reporters on Wednesday, November 2 that the Presidency aims to represent the loan request and is very confident that it would be approved.

“It is not unusual for the government and the Senate to have some disagreements, they want more information,” Lai Mohammed said on Wednesday.

The former national publicity secretary of the All Progressives Congress confirmed that the government will resubmit to the Senate the request to borrow about $30 billion abroad up to 2018, which the house rejected on Tuesday for lack of necessary details.
“We will give them all the information they need … and we are sure that by the time we finish they (lawmakers) will approve the request,” he said.

Meanwhile, following Senate’s rejection of President Muhammadu Buhari’s $29.96bn loan request, the ministries of Finance and Budget and National Planning as well as the Debt Management Office have begun working on the details of the borrowing plan.

The request for legislative approval for the borrowing plan was on Tuesday, November 1, rejected by senators during the plenary session due to lack of documents supporting the request as referenced in the letter sent by the president.


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