Why we rejected Buhari’s 29.bn loan request – senators

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Reasons have emerged why the Senate, through a voice vote, threw out the letter by President Muhammadu Buhari, in which he sought approval to borrow $30 billion eternally to fund critical infrastructural projects in the 2016 to 2018 mid term plan.

According to some senators, who for now sought anonymity, the request was turned down mainly because there were no concrete details attached to the President’s proposal to enable the senate take a considered view of it.

“The letter by the President amounts to seeking anticipatory approval without concrete proof of how and why the loan will be sourced and used. We are not a rubber stamp senate”, one of them noted.

The sources which gave a copy of the President’s letter to our reporter asked Nigerians to read it and judge for themselves if the senate should have approved the request.

Below is the a copy of the letter with specific areas marked to show that the President and his team did not do their home work before approaching the senate.



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