Reps Approve $1bn Loan For Jonathan To Fight Insurgency

Aminu Tambuwal

The House of Representatives on Wednesday approved the $1 billion loan requested by President Goodluck Jonathan to tackle security challenges in the country.

This was sequel to the consideration of the report of the Adeyinka Ajayi- headed Committee on Aids, Loans and Debt Management and the Committee on Finance headed by Abdulmumin Jibrin, tendered before the House.

The report which was laid on Tuesday and given accelerated hearing on Wednesday urged the House to “approve the request of Mr. President on the need for his administration to borrow not more than $1 billion dollars to fight national security challenge.”

Members subsequently approved the four clauses in the report on the external borrowing.

The House while approving the loan requested the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to provide information on source of funds, terms and conditions of the loan.

Details of the tenure and interest repayment were also requested from the minister.

It also requested the National Security Adviser 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).”

Source:
The Nation