Thursday, 25 September 2014

Senate Approves Jonathan's $1 Billion Loan To Fight Insurgency

The Senate has approved $1 billion dollar loan requested by President
Goodluck Jonathan to tackle insecurity and terrorism in the country.

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 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.

This is in addition to N968.127 billion voted for defence in the 2014
budget by the Federal Government.

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