The
status of President Muhammadu Buhari's $30 billion loan request is
still unknown since it was rejected by the National Assembly.
President Muhammadu Buhari
There is confusion over President Muhammadu Buhari’s $29.9bn loan
request, which was rejected by the Senate on November 1, 2016, Punch
reports.
It would be recalled that the President in a letter to both
chambers of the National Assembly, titled ‘Request for Approval of
Federal Government 2016-2018 External Borrowing (Rolling) Plan, had
asked the legislature to approve his administration’s external borrowing
plan of $29.960bn which was rejected.
The loan which was to cover the funding of projects between 2016
and 2018 was rejected by the Senate who asked the President to provide
further details on it.
However, there is confusion now on the status of the loan request
and whether the executive had provided the details as requested by the
Senate. A check by Punch at the Federal Ministry of Finance and the Debt
Management Office met a brick wall. It is believed the ministry is
saddled with the responsibility of providing the missing details.
But, a check with the Director of Information in the Finance
Ministry, Salisu Dambatta, on whether the details had been provided, he
referred the correspondent to the Debt Management Office.
“I suggest you direct all your enquiries about the $29.9bn loan
to the DMO. That is the agency of government that is in charge of debt
management in the country,” he said.
But, nothing came out from the Director-General, DMO, Dr. Abraham Nwankwo office who was not available to provide answers.
When contacted again, Dambatta said the Special Adviser to the President on National Assembly matters should be contacted.
He said, “The Ministry of Finance didn’t submit the loan
request to the National Assembly directly. It was the Presidency that
did that. The President has a Special Adviser on National Assembly
matters. Find out from him.
“There are procedures that must be followed. We did not submit the loan request directly to the National Assembly.”
The Special Assistant to the President on National Assembly Matters
(Senate), Senator Ita Enang, said he had no further information on the
request.
He stated, “I have no further information other than where it
(the $29bn loan request) stopped the last time. The Senate had
reservations about it; the matter is still pending before the House of
Representatives.
“The Senate had expressed reservations about it and had
remitted it for reconsideration. It is under consideration by the
various ministries responsible. That is all I can say.”
The Media Adviser to the Minister of Budget and National Planning,
Mr. Akpandem James, said the mandate of the ministry did not cover the
issue of the loans.
He said, “The relevant ministry as regards the issue of loan is
the ministry of finance. We don’t deal with loans. Anything that has to
do with loans is ministry of finance. Any loan matter should be
directed to ministry of finance.”
The status of the loan is not known yet as the ministries and
parastalats that should provide details have no idea of the matter.
Whether the Senate has received a revised loan request is still unknown
as it seems like the Federal Government do not consider it important
anymore.
Speaking with The PUNCH in Abuja, the Chairman, House Committee on
Media and Public Affairs, Mr. Abdulrazak Namdas, stated that the hands
of the House were tied on the issue of the loan as it could not act
alone.
Namdas, a member of the All Progressives Congress from Adamawa State, added, “There is no point for us to engage in a futile exercise.
“I will say that the loan issue is not dead, but since the
Senate has already rejected it, we will wait until the questions raised
by the Senate are addressed.
“This is because if we go ahead and approve it and the Senate withholds approval, the problem will still be there.
“So, let the Ministry of Finance address the issue of details raised by the Senate and we will take it up from there.”
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