by Yusuf Alli,

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, The Nation learnt last night.

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.

The Nation 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.”

omenka:
They've started arriving again to criticise, insult, and state a billion reasons why the loan shouldn't be approved by the Senate.

These same people wept, wailed and whined endlessly on another thread over how their region was "left out" of the regions where the critical infrastructures are to be sited.

WriteBoy:


Cutting the East out of the loan is nothing but wickedness at best. All Nigerians should share in both the spoils and the responsibility. Do you mean we can pay tax but not enjoy amenities?

omenka:
You know I don't like responding to any of "you people" because it always amounts to sheer waste of energy and time doing so.

Did you see me mention "East" anywhere Do you need glasses to see clearly??

Abeg just stay your lane this morning my brother.

Thank you.

WriteBoy:


Cutting the East out of the loan is nothing but wickedness at best. All Nigerians should share in both the spoils and the responsibility. Do you mean we can pay tax but not enjoy amenities?

seunmsg:


You people should stop lying, all Nigerians will benefit from the projects that will be executed with the loan. The Manbilla hydro dam, Lagos-Calabar railway and Lagos-Kano railway will benefit all Nigerians equally.

The Lagos-calabar railway will pass through the commercial city of Aba in Abia state. There are other projects that will be executed with the loans that we are not even aware of as the details of the proposal is still unclear. You guys should stop crying wolf when none exist.

omenka:
They've started arriving again to criticise, insult, and state a billion reasons why the loan shouldn't be approved by the Senate.

These same people wept, wailed and whined endlessly on another thread over how their region was "left out" (even though it was just the usual we-are-being-marginalised lies the flood cyberspace with daily) of the regions where the critical infrastructures are to be sited.

I would embrace any lawful move taken by mr President to take us out of this economic doldrums occasioned largely by the wastefulness of corruption of the Ineffectual Buffoon.


#InBabaITrust.

#InNigeriaIBelieve.

omenka:
They've started arriving again to criticise, insult, and state a billion reasons why the loan shouldn't be approved by the Senate.

These same people wept, wailed and whined endlessly on another thread over how their region was "left out" (even though it was just the usual we-are-being-marginalised lies the flood cyberspace with daily) of the regions where the critical infrastructures are to be sited.

I would embrace any lawful move taken by mr President to take us out of this economic doldrums occasioned largely by the wastefulness of corruption of the Ineffectual Buffoon.


#InBabaITrust.

#InNigeriaIBelieve.

WriteBoy:


We have to cry wolf my brother, because in the absence of such a cry, the shroud may be passed over our eyes again.

Knowing the present atmosphere on ground, the obvious disenchantment of the East with the Federal government owing to years of neglect and Mr. President's tension rousing statements --5 percenters comes to mind-- and obvious mistrust all Nigerians (not a single region mind you) have with the government when it comes to money and other sensitive issues, it behooves the government to be as transparent as possible in all the processes leading up to the request in the senate.

If the government had been as open as should be, YOU would know the exact details of the proposed loan expenditure, even the senate doesn't! And you say no one should cry wolf?

No brother! We would cry and cry until things are righted.

Adaowerri111:
I know the initial gra gra won't last

WriteBoy:
Using debt to finance infrastructure is a sound strategy world over; debt financing is not a bad thing. However, I am worried, very worried.

Nigeria has an unfortunate history of turning all things sound and prudent into disasters. Would this loan be any different? The people at the top want us all to believe that our institutions have become more transparent and accountable in the period starting from May 29th, 2015 owing to the the stern mien and righteous body odour (language) of Mr. President, every sane person, every right thinking Nigerian knows this not to be the case.

How faithfully would the borrowed funds--In the event the loan request is approved-- be appropriated? How much inflation would hit these contracts? How much of the funds would be judiciously applied? Is this a another case of vultures circling above at the sight of an impending meal?

I would have said: "let us wait, time would tell" but in cases of importance to national growth and prosperity, getting it wrong spells doom for my generation, the one after me and lots more.

We struggled real hard to come off the claws of the Paris Club. I remember how happy well meaning Nigerians were when that historic event happened. The general consensus was: "never again would we be so indebted" But now, it seems we are headily going back to the things we said never again to.

seunmsg:


At least, we know that a part of the loan will be used to build the Manbilla hydro dam. South east and indeed, all parts of Nigeria will benefit equally from the electricity that would be generated from this project.

We also know that the Lagos-calabar railway line will be built from the loan. The railway will pass through the commercial town of Aba in Abia state. This project, when completed will greatly assist Igbo traders in moving their goods from Lagos to the east and to other parts of south south. So, what benefits are you talking about again?

modath:


Haters gonna hate!! It's their calling in life.

Ratello:

Respect to you sir, I concur totally with your submissions here you really are one sounded buff.

apcisevil:

Yes in your myopic zombie mind, the SE is the only region good at benefiting indirectly while other regions benefit directly... what is wrong if SE benefit directly while others benefit indirectly? Evil people

seunmsg:


What do you mean by benefiting directly? Will Igbos not benefit directly from the electricity that would be generated from Mambilla or will Aba traders not benefit directly from the railway that passes through their city?

WriteBoy:
Using debt to finance infrastructure is a sound strategy world over; debt financing is not a bad thing. However, I am worried, very worried.

Nigeria has an unfortunate history of turning all things sound and prudent into disasters. Would this loan be any different? The people at the top want us all to believe that our institutions have become more transparent and accountable in the period starting from May 29th, 2015 owing to the the stern mien and righteous body odour (language) of Mr. President, every sane person, every right thinking Nigerian knows this not to be the case.

How faithfully would the borrowed funds--In the event the loan request is approved-- be appropriated? How much inflation would hit these contracts? How much of the funds would be judiciously applied? Is this a another case of vultures circling above at the sight of an impending meal?

I would have said: "let us wait, time would tell" but in cases of importance to national growth and prosperity, getting it wrong spells doom for my generation, the one after me and lots more.

We struggled real hard to come off the claws of the Paris Club. I remember how happy well meaning Nigerians were when that historic event happened. The general consensus was: "never again would we be so indebted" But now, it seems we are headily going back to the things we said never again to.