By Modupe Gbadeyanka
President Muhammadu Buhari has lost his bid to borrow $29.96 billion from foreign financial institutions to pump into executing infrastructural projects across the country between 2016 and 2018.
Mr Buhari had written a letter to the Senate on October 22, 2016, seeking their approval to go ahead with the loan.
He had explained in his letter that the $29.96 billion loan was made up of proposed projects and programmes loan of $11.274 billion, special national infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.
But on Tuesday, the upper legislative chamber threw out the request.
At the plenary today, when the request was put to a voice vote, majority of the lawmakers rejected the President’s borrowing plan request.
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