President seeks $1b loan for arms, ammunition
President Goodluck Jonathan is asking the Senate 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.
The Federal Government voted N968.127 billion for defence in the 2014 budget.
Jonathan made the request in a letter entitled: “Tackling ongoing security challenges: The need for urgent action.”
The letter was sent to the Senate and the House of Representatives.
The letter was read yesterday by Senate President David Mark at plenary.
He noted that the approval of the fund, which would be sourced from external borrowing, would enable the armed forces to confront insurgency more forcefully.
The letter said: “You are no doubt cognizant of the on-going and serious security challenges which the nation is facing, as typified by the Boko Haram terrorist threat.
“This is an issue 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 confront this serious threat.
“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1 billion dollars, including Government to Government arrangements, for this upgrade.”
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