Buhari seeks $29.6b loan, says oil earnings not enough

Fri Nov 29th, 2019 - Abuja (FCT)

President Muhammadu Buhari (right), presenting a gift to the outgoing Cuba Ambassador to Nigeria, H.E Carlos Trejo Sosa during a farewell audience at the State House in Abuja…yesterday.

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President Muhammadu Buhari has lamented what he considers as meagre earnings Nigeria is deriving from oil. Buhari who spoke while receiving in farewell audience the Cuban Ambassador to Nigeria, Carlos Trejo Sosa, at the State House, Abuja, noted: “We have deficit in infrastructure, in education, health care, and many other areas. But Cuba has always been helpful. What we earn from oil does not meet our needs, and we can use any assistance we get.”

The president also re-submitted a request to the Senate seeking approval for a $29.96 billion loan. In a letter read on the floor by Senate President Ahmad Lawan at the commencement of plenary, Buhari hinged the renewal of the request on the rejection of the same by the last Senate.

He stated that an approval of his request would ensure the prompt implementation of projects under the borrowing plan with special emphasis on infrastructure, agriculture, health, education, water supply, growth and employment generation, poverty reduction through social safety net programmes, governance and financial management reforms among others.

In November 2018, the Senate had unanimously thrown out Buhari’s request for the loan, saying the letter conveying it was not accompanied by a borrowing plan.




source: Guardian