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FG agrees not providing borrowing plans to the bungled $29.9bn loan request

The Federal Government has agreed that it failed to attach necessary details to the letter conveying $29.9 loan request that was thrown out yesterday by the Senate.

Senate had on a second voice votes rejected the presidential request for the country to borrow about $29.9 billion loan to fund infrastructure due to the document was not accompanied with the necessary explanatory notes on the way and manner the loan would be used and managed for the interest of the economy.

Senators argued that no provision was provided for them to rely on in looking at the request, saying the situation suggested that government has no genuine plan for the loan but to enslave the country for another round of debt crisis.

But in a swift reaction latter yesterday, Presidential linkman at the Red Chambers, Senator Ita Enag who spoke to the press agreed that the said explanatory note was not attached, saying he has already contacted the Ministers of Finance, and national Planning plus the debt Management Office at the Presidency and other agencies of the government in charge of formulating the borrowing plan to rally round and prepare the not for another round of presentation to the Senate as soon as possible.

Part of the details needed was contained in a statement released late yesterday by the Director general of DMO, Dr. Abraham Nwankwo, saying that “the lower interest rate of 1.5 per cent attached to the loan as well as its long repayment period would make it easy for the government to repay it”.

“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 as contained in the plan.

“So, we are collating that information; the Budget Office of the Federation, the Debt Management Office, the Minister of Budget and National Planning, the Minister of Finance and the Economic Management Team are collating the information so that it can be submitted to the Senate to enable the lawmakers make the appropriate decision.

“We will be engaging the Senate. We will not be disputing with them, but we will be engaging with them. When we present a matter before the legislature, it is for them to consider; and as they have considered, more information is needed and that information they are entitled to, and we will provide.