Senate Approves Pres. Jonathan’s $1 Billion Loan Request to Fight Insurgency

The Senate has approved President Goodluck Jonathan‘s request for a $1 billion external loan to fight insurgency in Nigeria.

Punch reports that the loan would not be given  in cash, but through “the supply of military hardware to be paid for, over a seven-year period.”

“The request is for a ceiling of $1bn and not that, at the moment, the whole amount would be utilised. Government will procure on the terms stated, based on needs assessment of our security agencies,” said Ahmed Makarfi, chairman of the senate.