The Senate on Thursday blamed its rejection of President Muhammadu Buhari’s $29.960 billion external loan bid on the incompetence of presidential aides tasked with preparing the proposal.

This position was given by the Senate spokesperson, Aliyu Abdullahi, when he featured on a Channels TV breakfast programme, Sunrise, on Thursday.

The president, last week Tuesday, forwarded a request to the National Assembly to approve an external borrowing plan of $29.960 billion to execute key infrastructural projects across the country between 2016 and 2018.

Mr. Buhari said the external loan, the biggest in Nigeria’s history, will fund targeted projects cutting across all sectors with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation.

Other sectors, he said, are poverty reduction through social safety net programmes and governance and financial management reforms, among others.

But a week after the request was submitted, the Senate on Tuesday threw out the loan request without debate.

The Senate Leader, Ali Ndume, later revealed that the president’s letter had no detailed information about the loan bid, even though the letter made reference to an “attached” breakdown in its first paragraph.

This was admitted by the Presidency through Mr. Buhari’s assistant on the Senate, Ita Enang, who said the government would work with relevant agencies to collate the needed information.

Speaking on the development Thursday morning, the Senate spokesperson, Mr. Abdullahi, said people entrusted with key responsibilities within the Presidency must do their work.

He noted that there was a line in the letter that read “attached”, but lamented “nothing is attached”.

He blamed the anomaly on officials who were responsible for helping the President on matters of communication.

“This is the reality unfortunately. We have to rethink position given to certain persons and people who are not competent should step aside.

“What is the Chief of Staff doing? What is the SGF doing?

“We have said it that some people are working to set the president against the legislature,” said Mr. Abdullahi.

Defending the Senate’s action, the spokesperson said since the president’s letter was not supported by detailed information, the lawmakers had nothing to work with.

Mr. Abdullahi however said “if all these things are addressed, the Senate is more than desirous” to consider the loan authorisation request.

As at June, Nigeria’s debt profile is N16.29 trillion, representing $61.7 billion at N283/$1 exchange rate, according to the Debt Management Office.

In the 2016 budget, N1.48 trillion is meant for debt servicing, far higher than the country’s N221.7 billion budget for health and the N369.6 billion for education.

The proposed 2016-2018 borrowing (rolling) plan of $29.960 billion is made up of proposed projects and programmes loan of $11.274 billion, special national infrastructure projects $10.686 billion, Euro bonds of $4.5 billion and Federal Government budget support of $3.5 billion.

http://www.premiumtimesng.com/news/headlines/214410-30-billion-loan-senate-accuses-buharis-aides-incompetence.html

Hhd

Who will pay all the debt in future

even buhari himself is incompetent,one thing that buhari nd his aides are clueless about is they don't know how to generate revenue,the country revenue has been low since buhari became president.if the Senate allow buhari to borrow this ridiculous money next two years he would seek for another one.
those supporting borrowing of loan thinking they are helping buhari Are not patriots nd they are enemy of Nigeria.

istandwiththesenate on this,buhari should go learn how to generate revenue from past leaders

Buhari/APC is a scam

There was nothing to be attached,the fund was meant to be looted against 2019 election,and the senate uncovered that no provision was meant for their own portion of the loot.

What the presidency need to do is to rework the looting formula and the senate will give their accent.

The $30b is not even up to what APC said Dezani stole and they found in her soak away,combined with what has been recovered so far,Nigeria need to lend and not borrow.

So easy to shift blame.

Even thought it is unclear to me how these things work one wonders why the Senate did not request for the back-up documents before that unnecessary show, if they ever saw some value in the proposition.

Now they have seen the reaction of knowledgeable and well meaning members of the public it appears they want a scape goat for their rash decision.

The senate is simply saying the obvious. The situation is even made worse by their C-in-C who's as blind as a bat. Pathetic lot.....

DelGardo:
So easy to shift blame.

Even thought it is unclear to me how these things work one wonders why the Senate did not request for the back-up documents before that unnecessary show, if they ever saw some value in the proposition.

Now they have seen the reaction of knowledgeable and well meaning members of the public it appears they want a scape goat for their rash decision.

You cannot blame the senate for the very obvious incompetence of some presidential aides. Last year, there was an obvious mistake in the presidents letter conveying the names of his ministerial nominees to the senate. Sometime last month again, the presidents name was misspelt in another letter to the senate. Now, they refuse to attach an attachment that is necessary to the loan approval request. Is there nobody vetting these letters before they are despatched or what? The COS and the SA legislative affairs are obviously incompetent for not reviewing the presidents correspondence with the senate properly and thereby exposing the president to unnecessary ridicule.