25 Sep 2014

Senate approves President Jonathan’s $1 billion loan to fight Boko Haram

The Senate has approved $1 billion dollar loan requested by President Goodluck Jonathan to tackle insecurity and terrorism in the country.

The approval, however, did not come easily as some lawmakers argued that President Jonathan breached the constitutionally laid down process of requesting for extra budgetary funds.

But the Chairman Senate Committee on Finance said President Jonathan is in full compliance of the law on this matter.

President Jonathan had written a letter asking the Senate in July to approve a $1 billion (about N165) loan for the fight against Boko Haram.

The President said he needed the cash to upgrade military equipment and for training as well as logistics for the Armed Forces.

This is in addition to N968.127 billion voted for defence in the 2014 budget by the Federal Government.

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