Insurgency: House approves $1bn loan for Jonathan

Insurgency: House approves $1bn loan for Jonathan

The coast is clear for President Goodluck Jonathan to obtain $1 billion loan to buy arms to bolster the fight against insurgency.
The House of Representatives yesterday concurred with the Senate to approve the presidential request.
The report of the Adeyinka Ajayi- headed Committee on Aids, Loans and Debt Management and the Committee on Finance, headed by Abdulmumin Jibrin, was tabled before the House for consideration.
The report, which was laid on Tuesday and given accelerated hearing yesterday, urged the House to “approve the request of Mr. President on the need for his administration to borrow not more than $1 billion for the purpose of tackling the current national security challenge”.
Members approved the four clauses in the report on the external borrowing.
While approving the loan, the House requested Finance Minister Ngozi Okonjo-Iweala to provide information on the source of funds, terms and conditions of the loan, details of the tenure and interest repayment.
It also “requested the National Security Adviser (NSA) to provide the breakdown of allocations apportioned to the Nigerian Air Force, Nigerian Navy, Army, Department of State Services (DSS), Police and Nigeria Intelligence Agency (NIA).”