Pres.Jonathan Set To Borrow $1 billion to Fight Boko Haram

On Wednesday,16th july,President Goodluck Jonathan sent a letter to the National Assembly, asking the lawmakers to urgently approve an external loan of $1 billion which amounts to (165 billion ) in Naira for the enablement of equipment upgrade in the fight against the islamic terrorist group, Boko Haram..

Senate President David Mark and SpeakerAminu Tambuwal, read the letter to the Senate and House of Representatives respectively. The loan is meant to help upgrade equipment and train security officers properly.

“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.” he said in the letter titled Tackling Ongoing Security Challenges: Need for Urgent Action” “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.” he continues in the letter.

The request may reportedly be considered today Thursday because of its urgency. In its 4.6 trillion 2014 budget provisions, the National Assembly already appropriated N968.127 billion for Defence on Boko Haram insurgency.