2017 budget won’t be affected by $30bn loan rejection – Presidency

The Presidency on Wednesday said the implementation of the 2017 budget will not be affected by the Senate’s rejection of President Muhammadu Buhari’s proposed $30bn external loan.

Special Assistant to the President on National Assembly Matters (Senate), Senator Ita Enang, said this while addressing journalists in Abuja.

Enang assured Nigerians that the budget will be fully implemented without the loan.

He said, “On the request by Mr. President for approval to take a loan, remember that this $30bn request was not what was to be spent in 2016, 2017 or 2018; it was a projection for three years. Therefore, the Senate has remitted (transmitted) it back to the Mr. President, requesting further details.

“It is still pending in the House of Representatives. Now, the legislative process is still pending. I am sure you can observe in recent times the level of consultation between the arms of government and the leadership level of the Senate as well as at the level of the sub-committees; and between the ministers and the committees. These are all intended to address and resolve any question, which could be thorny in any of the requests made by the executive.”

He added, “The President and the executive governors cannot proceed to take loans, because loans will become the responsibility of the entire nation to pay. And don’t also forget that the request by Mr. President was not only for the Federal Government to spend. Even if a state government wants to take a loan, it has to be approved by the National Assembly.

“So, the request by the various state governments to take loans for various projects was also contained therein. It is still undergoing consideration and consultation at the apex and sub levels.”

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