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Presidency reacts to Senate’s loan rejection

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The Presidency has said it will not dispute the decision of the Senate to reject the request of President Muhammadu Buhari to borrow $29.9bn. Senator Ita Enang, the senior special assistant to President Buhari on National Assembly Matters, stated this while briefing jornalists in Abuja on Tuesday, November 1.

The Senate had on Tuesday rejected the request of the president Buhari to borrow $29.9 billion dollars as part of its external borrowing plan for 2016 to 2018. Ali Ndume, the leader of the Senate, said that the request was rejected due to the absence of certain documents that should have accompanied the letter.Enang, said: “We are not disputing with the distinguished Senate. There are certain information and details which will enable them to consider in detail, and appropriately the request of Mr President.

“So we are collating that information. The Budget Office of the Federation, the Debt Management Office, the Minister of Budget and National Planning, Minister of Finance and the economic team are collating the information so that it can be submitted to the Senate to enable them take the appropriate decision. “We would be engaging the Senate. We will not be disputing with them but we will be engaging with them. When we present a matter before the legislature it is for them to consider and as they have considered, more information is needed and that information they are entitled to it and we would provide.”

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