President wants $1bn loan to fight Boko Haram

President Goodluck Jonathan
President Goodluck Jonathan has forwarded a letter to the National Assembly seeking approval for a $1bn external loan for the Federal Government to confront the terrorist Islamic sect, Boko Haram.

The president in the letter dated July 15, 2014, explained that the external loan was urgently needed to upgrade the equipment, training and logistics of the Armed Forces and security services in order to combat the insurgents more forcefully.

The letter, which was titled, “Tackling Ongoing Security Challenges: Need for Urgent Action”, was read on the floor of the Senate and that of the House of Representatives on Wednesday, by the Senate President David Mark and Speaker Aminu Tambuwal respectively.

 
The letter reads in part, “You are no doubt cognisant of the ongoing and serious security challenges which the           nation is facing , as typified by the Boko Haram terrorist threat. This is an issue that we have discussed at various times.

“I would like to bring to your attention the urgent need to upgrade the equipment, training and logistics of our Armed Forces and Security Services to enable them more forcefully to confront this serious threat.

“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1bn, including government to government arrangements for this upgrade.”

The National Assembly had in the N4.6tn 2014 Budget provisions, appropriated N968.127bn for Defence on account of the Boko Haram insurgency.