Thursday, 25 September 2014

Senate Approves $1Billion loan To fight Terrorism


The Senate has approved the $1billion (N165bn) loan requested by President Jonathan in July to help in the fight against terrorism and tackle insecurity in the country. The loan would be used for the purchase of military equipment and the training of military personnel.
The loan approved will be in addition to the N968.127bn voted for Defence in the 2014 budget by the federal government.

The approval, however, did not come easily as some lawmakers argued that President Jonathan breached the constitutionally laid down process of requesting for extra budgetary funds.

But the Chairman Senate Committee on Finance said President Jonathan is in full compliance of the law on this matter.

President Jonathan had written a letter asking the Senate in July to approve a $1 billion (about N165billion) 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.

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