House of Reps. Approve ₦160bn Loan to Fight Insurgency

President Goodluck Jonathan’s determined bid to launch an even more intense fight contrary to the Boko Haram sect has received a significant boost from the National Assembly. Following recent approval of his $1 billon foreign loan request designed to oil the wheel of the national resistance to the sect’s activities by the Senate, the House of Representatives followed suit yesterday by also approving the loan.

This approval is coming at the same time the federal government is also pursuing a ceasefire agreement with the terrorists, within measures meant to make a conclusion to insurgency in the country employing a carrot and stick approach. Federal lawmakers approved all clauses within the report of the House Committees on Aids, Loans, Debt Management and Finance on the external borrowing of $1 billion “to tackle the national security challenges in the country.”

As within the approved report, the House requested the National Security Adviser Col Sambo Dasuki (rtd) to outline the break down of allocations apportioned to the Nigerian Air Force, Navy, Army, Police, Department of State Services (DSS) and National Intelligence Agency (NIA). The House also requested the country’s Finance Minister Dr. Ngozi Okonjo-Iweale provide informative data on the foundation of funds, terms and conditions of the loans and information on the tenure and interest repayment.

On July 16, President Jonathan wrote to the National Assembly seeking approval to borrow the said sum in furtherance of the fight  against terrorists in the country. In the letter, Jonathan spoke about the requirement for external borrowing allow the upgrade of security equipment to be able to fight the insurgency ravaging the nation, specially the North East. President Jonathan also said the main $1 billion could be used to help train the Nigerian military and other security officers.

Improving security is among the efforts President Jonathan is emphasizing to move the country forward.