Nigerian Senate refuses to think about $30 billion loan strategy


ABUJA, Nigeria - Nigeria's Senate has refused to consider President Muhammadu Buhari's request to pursue foreign loans of $30 billion over 3 years to dig this West African nation out of recession.

Senate leader Ali Ndume says he's "shocked" but says the proposal was defeated on "technical grounds." He plans to re-introduce it at a later date.

Senators say the proposal didn't include enough details.

Buhari is looking for Parliament's approval to borrow $29.6 billion - more than Nigeria's $20 billion spending budget - to make infrastructure in the oil-producing nation. Nigeria's economy has been slammed by low petroleum costs, while militant attacks have reduce oil production.

Analysts are skeptical, noting Nigeria has not secured loans of $5 billion to plug this year's spending budget deficit of $7 billion.


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