President Goodluck Jonathan on Wednesday requested the National Assembly to give him the go ahead to secure $1 billion (N160 billion) foreign loans to fight insurgency, in the Federal Government pushes ahead with the fight against the Boko Haram insurgency.
In separate letters read on the floor of the Senate and House of Representatives by the Senate President and Speaker, David Mark and Aminu Tambuwal, respectively, the President said the loan if approved, would enable the government tackle the insurgents, especially in the north-eastern Nigeria.
According to him, the loan once secured, would be used to procure equipment for Armed Forces and other security agencies.
The letter dated July 15, 2014 was read by Senate President David Mark thus, “I would like to bring to your attention the urgent need to upgrade the equipment, training and logistic 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 arrangement for this upgrade.
“While counting on the steadfast support of the distinguish members of the Senate as always, please accept my warm regards.”
The incessant attacks by the sect, Boko Haram has claimed thousands of lives and left hundreds injured as well as property worth millions of naira destroyed.
The declaration of a State of Emergency in three north eastern states of Adamawa, Borno and Yobe, since May 2013, has no doubt, taken huge toll on the equipment of the Armed Forces and other Security Agencies.