Nigeria’s Senate has refused to consider President Muhammadu Buhari’s request to pursue foreign loans of $30 billion over three years to dig this West African nation out of recession.
Senate leader Ali Ndume says he is “shocked” but says the proposal was defeated on “technical grounds.” He plans to re-introduce it at a later date.
Senators say the proposal did not include enough details.
Buhari is seeking Parliament’s approval to borrow $29.6 billion – more than Nigeria’s $20 billion budget – to build infrastructure in the oil-producing nation. Nigeria’s economy has been slammed by low petroleum prices, while militant attacks have cut oil production.
Analysts are skeptical, noting Nigeria has not secured loans of $5 billion to plug this year’s budget deficit of $7 billion.
FOLLOW NEW AFRICA BUSINESS NEWS ON FACEBOOK @ New Africa Business News.com