Jonathan seeks $1bn loan to fight Boko Haram

President Goodluck Jonathan has formally requested for the approval of the National Assembly for external borrowing of $1 billion to equip the armed forces and other security agencies.

Jonathan stated this in a letter entitled ‘Tackling ongoing security challenges: need for urgent action,’ dated July 15, 2014 and addressed separately to Senate President David Mark and Aminu Tambuwal, speaker, House of Representatives.

The president, who expressed concern over the activities of the insurgents in the country, called for expedited action in the consideration and passage of the proposal.

The letter reads in part, “You are no doubt cognizant of the ongoing and serious security challenges which the nation is facing, as typified by the Boko Haram terrorist 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 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 including government to government arrangements for this upgrade.”

The proposal is to be considered today, Thursday, before the House embarks on annual recess.