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Setback for $1bn loan as legislators embark on recess

Setback for $1bn loan as legislators embark on recess
July 18
14:53 2014

The urgent request of President Goodluck Jonathan for the approval of $1 billion loan to help the military fight Boko Haram has suffered a setback, as the national assembly proceeded on a two-month recess on Friday.

A letter from the president requesting urgent approval of a $1 billion external loan was read on the floor of the Federal House of Representatives at plenary on Wednesday.

Earlier on Thursday, director-general of the National Orientation Agency (NOA), Mr Mike Omeri, had clarified that the loan the government was asking for would not only be in cash, but also in military hardware.

He said that even the United States goes for this kind of facility, and that every country involved in such security expedition reinforces its capability.

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“It should not be mistaken that the resources of Nigeria has finished. This loan is a long-term facility, and it is not just in cash,” Meria had said.

“The president is seeking the approval of the national assembly so that we can buy more equipment, military hardware and to guarantee that we win the war against insurgency and that we have the assets to prosecute any unforeseen issue. This happens to all countries. It is not limited to Nigeria.”

The $1billion loan requested by the president is in addition to the military’s an annual budget of $6 billion.

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The national assembly will reconvene in September.

It is possible during recesses that the assembly reconvenes to deliberate on an issue of urgent national importance, but TheCable has been told that the legislature may not urgently reconvene this time, as it does not consider the loan request an urgent matter.

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