Senate Majority Leader, Ali Ndume, has said the lack of technical details in the loan request by President Muhammadu Buhari was responsible for its rejection by the Senate.
Ndume who had on the floor of the Senate urged his colleagues to endorse the borrowing plan, told journalists after the rejection that he would personally re-present it on a future date.
The Presdent had last week requested the National Assembly to approve the massive loan to boost the government’s infrastructure plan over the course of two years.
“The borrowing plan was technically rejected but I’m going to re-present it. The problem came on technical ground. It was supposed to go to the Committee,” he said.
“There was no attachment of the borrowing plan as indicated in the President’s letter. The detail of the borrowing plan was also not included”.
Paragraph one of the President’s letter reads: “I wish to refer to the above subject and to submit the attached draft of Federal government 2016 – 2018 External Borrowing (Rolling) plan for consideration and early approval by the National Assembly to ensure prompt implementation of the projects”.
Ndume, however, expressed optimism that the request would be approved when re-presented.
“There is nothing to worry about. We are only trying to do things there way they should be done.”
In a related development, the Senior Special Assistant to the President on National Assembly (Senate), Senator Ita Enang said the Presidency was working hard to provide the required information to the Senate.
“We are not disputing with the distinguished Senate. There are certain information and details which will enable them to consider in detail and appropriately the request of Mr President are contained in the plan.
“So we are collating that information, the Budget Office of the federation, the Debt Management Office, the honourable Minister of Budget and National Planning, Minister of Finance and the economic team are collating the information so that they can be submitted to the Senate to enable them take the appropriate decision,” he said.
