The Senate on Thursday approved President Goodluck Jonathan’s request of $1bn external
loan to fight the ongoing insurgency in the country.
The decision was taken following the submission of the report of the Senate Joint Committee on Finance and that of Local and
Foreign Debt by the Chairman, Senator Ahmed Makarfi.
Makarfi said the loan request was not in cash but supply of military hardware to be paid for, over seven years.The President said he needed the cash to upgrade military equipment and for training as well as
logistics for the Armed Forces. This is in addition to N968.127 billion voted for defence in the 2014
budget by the Federal Government.GBESE
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