The Nigerian senate may have rejected the request by President Buhari to borrow 29.9 Billion dollars for some specific projects, however the debt management office says this is the only way the country can address the challenge of infrastructure deficit, facing the country.
President Muhammadu Buhari had earlier in the week forwarded a request to the National assembly to approve an external borrowing plan of 29.9 Billion dollars, to execute key infrastructure projects across the country between 2016 and 2018.
The president explained that the borrowing will target projects across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.
But the senate rejected the plan saying the executive didn’t come up with enough details on the proposed loan.
It is decision that has got many Nigerians talking.
One thing that supporters of the loan facility stress it’s importance in addressing the country’s infrastructure deficit.
Nigeria is looking to secure the loan from a consortium of lenders including the world bank, African development bank, and the Japanese international corporation. others are islamic development bank and China Exim Bank.