Reps approve $1bn security loan

The House of Representatives on Wednesday approved Federal Government’s request to borrow $1 billion to help tackle security challenge facing the country.

The lawmakers passed the resolution after the adoption of the four clauses contained in the report of the House committees on aids, loans and debt management and finance on the external borrowing of not more than $1 billion to tackle national security challenge in the country.

According to the report, the House requested the National Security Adviser (NSA) to provide the breakdown of allocations apportioned to the Nigerian Air Force, Navy, Army, Department of State Services (DSS), Police and Nigeria Intelligence Agency (NIA).

The House also requested Ngozi Okonjo-Iweala, coordinating minister for the economy and minister of finance, to provide information on source of funds, terms and conditions of the loan as well as details of the tenure and interest on the repayment.

President Jonathan had on July 16 written the National Assembly seeking approval to borrow $1 billion (N168 billion) to fight Boko Haram. In the letter, Jonathan spoke about the need for external borrowing to enable the upgrade of security equipment in order to fight the insurgency ravaging the country in the North East.

Jonathan said the $1 billion will also be used to train the military and other security officers.

“You are no doubt cognisant of the ongoing and serious security challenge 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,” Jonathan said in the letter.

Meanwhile, the House of Representatives on Wednesday unanimously resolved to investigate the delay in the implementation of the N3.7 trillion greenfield refineries contract awarded almost four years ago.

To this extent, the House mandated the House Committee on Petroleum Resources (downstream) chaired by Dakuku Peterside to look into the issue and report back within two weeks.