President Goodluck Jonathan has written the National Assembly seeking for approval to obtain a $1 billion loan to help the federal government in its war against terrorism and other security challenges in the country.
In a letter to the Senate, read by the President, David Mark on Wednesday, President Jonathan said the money would be used to upgrade the equipment of the Nigerian Armed Forces.
The president stressed that there was an urgent need to upgrade the equipment, training and logistic of the country’s Armed Forces and Security services to enable them confront the serious threat posed by Boko Haram sect more forcefully.
He is therefore seeking the concurrence of the National Assembly for external borrowing of not more than one billion dollars, including government to government arrangement for this upgrade.
“You are no doubt cognisant of the ongoing and serious security challenges which the nation is facing as typified by the Boko Haram terrorists threats. this is an issue that we have discussed at various times.
“I will like to bring to your attention, the urgent need to upgrade the equipment, training and logistics of the Armed Forces and security services to enable them more forcefully confront these serious threats.
It was gathered that President Jonathan’s request may be considered and approved on Thursday before the National Assembly’s annual recess.
The two chambers are expected back in September.