Senates throws away Buhari's letter

The Upper Legislative Chamber, has on Tuesday, November 1st, dared President Muhammadu Buhari, as it ruled out plans by the President, to borrow the sum of $29.9 billion (over N9 trillion).

It could be recalled, that President Muhammadu Buhari, had on Tuesday last week, wrote to the National Assembly, seeking its approval for his government’s external borrowing plan.

‎‎Buhari seeks to rake in $29.960 billion, to execute key infrastructure projects, under the 2016-18 rolling plan.

According to the breakdown, the request covers Projects and Programmes loan of $11.274 billion, Special National Infrastructure projects of $10.686 billion, Eurobonds of $4.5 billion, and Federal Government budget support of $3.5 billion.‎

‎During plenary on Tuesday, Senate Leader, Ali Ndume, moved the motion on the floor of the Senate, calling on distinguished Senators, to consider the request of the President, for expeditious consideration.

He said, “That the Senate do consider the request of the President, C-in-C,‎ on the 2016-2018 External Borrowing Rolling Plan?”

The Senate President, Bukola Saraki, reacting to Ndume’s statement, subjected his request to a voice vote, of which the ‘nays’ had it.

By implication, the bill has been ruled out completely from the Senate, as the Upper Legislative Chamber, will not consider the President’s request on the issue.

Update

Meanwhile, ‎the Senate Leader, while briefing the press after plenary, expressed shock on how his fellow Lawmakers rejected the motion.

He said, ‎”We have had a very bad experience from the past, when you look at the Structural Adjustment Programme, SAP, Poverty Alleviation Programme, Amnesty Programme, Sure P programme, YouWin, among several others‎.

“And I think we the 8th Senate don’t want to make that same mistake again, regarding the borrowing plan of Mr. President.

“If you recall, most of the money borrowed for previous programmes and schemes, were mis-appropriated.

“Considering the huge sum set to be borrowed again, I think the Senate is trying to trade cautiously.

“N8 billion has been released so far, for the Social Intervention Programme, but I doubt if anybody has seen anything on ground.

“This N500 billion that is to be expended in the Social Intervention Programme for example, if you divide this money into Local governments and wards, and number of teachers you are about to employ, it means that 50,000 graduates will be employed in each ward.

“The issue is not getting the loan, it is how it will be managed. We have a history of mismanagement of funds, and that is what we are trying to avoid” Ndume noted.

Asked why the Senate unanimously rejected the loan, he said, “The borrowing plan came on a technical ground; I am going to appeal to the Committee, and I am going to re-brand the bill, so it can pass through the Committee level, ‎before it gets to the plenary again.

“You know the borrowing plan has no details of how funds will be expended, so this are some of the things that affected its consideration.

“We will make sure we do what is right, and this time around, what we are trying to do, is getting things done right.