/> Buhari, Saraki Strike Deal Over $29.9b Loan Request | Welcome to praizeblog
 

President Muhammadu Buhari and Senate President Bukola Saraki may have made up on the $29.9billion loan approval which the executive is seeking from the Senate.

Buhari and Saraki are understood to have met three times on the issue in the last few days since the Senate turned down the request last
week.

Saraki has already admitted that the loan request
may be re-presented by the executive.
This, the Presidency may do later this week,
sources said yesterday.

But there is a caveat: the Senate may refer the
request to its Committee on Local and Foreign
Debts, headed by Mallam Shehu Sani.
The Senate hinged its rejection of the loan
request last week to inadequate information by
the Presidency.

The loan is expected to be used for the provision
of key infrastructure.

Our Source gathered that during the interactive
sessions between Buhari and Saraki, the Senate
President was able to clarify that the Red
chamber was not out to sabotage the executive
arm.

A top source privy to the meetings
said:”Following consultations, the President and
the Senate President have agreed that the
request for the $29.9billion loan be presented
again to the Senate.

“All things being equal, the fresh request might
be forwarded to the Senate with all the details
as demanded by the Senate.

“But the Senate Committee on Local and Foreign
Debts, which is headed by Sen. Sani will still go
through the request and vet the desirability or
otherwise of the loan.

“The recommendations of the committee will
determine the final decision of the Senate on the
loan.”
Saraki had on Friday spoken on the Senate’s
relationship with the Executive as far as the loan
is concerned, saying: “We should not look at that
as a reflection of the relationship. Don’t let us
politicize very important issues. As we said this
is work in progress”.
On the purpose of his visit to the Presidential
Villa, he said: “I came here to pray; I have
finished praying and I just had a general
felicitation with the President. It didn’t go
beyond that.”

President Buhari’s letter to the Senate was titled
“Request for Approval of Federal Government
2016 – 2018 External Borrowing (Rolling) Plan”.
He said the external borrowing plan would be
used for infrastructure, Agriculture, Health,
Education, Water supply , Growth and
employment generation , poverty reduction
through social safety net programmes and
governance and financial management reforms
etc.
He said: “The total cost of the projects and
programmes under the borrowing (rolling) plan is
$29.960billion made up of proposed projects and
programmes loan of $11.274billion, Special
National Infrastructure projects $10.686billion,
Euro bonds of $4.5 billion and Federal
Government budget support of $3.5billion.”

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