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.
more recommended stories
CBN Resumes OMO Sales as T-Bills Yields Drop 0.07%
By Dipo Olowookere The Central Bank.
FAAC: FG, States, LGs Share N655.18b in January
By Modupe Gbadeyanka A total of.
Japanese Shares Fall as Australian Equities Rise
By Investors Hub Asian stocks turned.
Huge Selling Pressure Drags European Stock Markets into Red Zone
By Investors Hub European stocks have.