President Goodluck Jonathan needs a loan of $1billion to fight Boko Haram. This fact was contained in a letter written to the National Assembly, dated July 15.
The letter entitled “Tackling Ongoing Security Challenges for Urgent Action” was seeking the House’s approval of the loan.
It read in part: “You are no doubt cognizant of the ongoing serious security challenges, which the nation is facing as typified by the Boko Haram terrorists threat. This is an issue that 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 be more forceful to confront this serious threat.
“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1 billion, including government to government arrangements for this upgrade.”
This request comes even in the light of the fact the the Ministry of Defence got N968.127 billion, the largest share of the N4.964 trillion 2014 budget. Recently, Coordinating Minister for the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, disclosed that the Military had already accessed N130.7 billion from that amount between January and April, while N3.8billion had already been approved by the President
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