President Buhari Seeks Senate Approval To Borrow N2.10 Trillion

President Buhari Seeks Senate Approval To Borrow N2.10 Trillion

By Ekemini Ekwere | News Reporter on November 18, 2015
2
Muhammadu Buhari Nigeria APC
Nigerian President Muhammadu Buhari attends the second day of the summit of G7 nations at Schloss Elmau on June 8, 2015 near Garmisch-Partenkirchen, Germany | Sean Gallup/Getty Images

President Muhammadu Buhari has sent a supplementary appropriation bill for the 2015 fiscal year to the Senate for approval.

The president, in a letter conveying his request, which was read during plenary on Wednesday, November 18, 2015 by the Senate President, Bukola Saraki, asked the Senate to grant his request to borrow the sum of N2.10 trillion to finance the budget.

He explained that the N882 billion loan earlier proposed by the past government to finance the budget had to be raised to N2.10 trillion, due to emerging realities in the country.

The source of the loan, according to the president, would be from both local and foreign.

More details to come.

2 COMMENTS

  1. What about all the money stolen by previous government officiels especially the ex petroleum minister, hé should rather go and recover all those money and rather not to put Nigeria into more debt and hardship to nigérians. When he was contesting for elections he should have known the realities on ground

  2. from the very onset Buhari and the APC was not determined for effective governance to the yearning Nigerians, because crude oil is steady at sale despite the global economic crisis on it. Internal revenues and other sources are been generated on daily basis or has he declared that he meet empty treasures. This is the new road map to debt recession not economic recession. The Senate should make public hearing on this because Nigerians are slaves to one entity.

Leave a Comment

To leave a comment anonymously, simple write your thoughts in the comments box below and click the ‘post comment’ button.