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House of Reps Approve Jonathan’s $1 Billion Loan Request for Military Hardware

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Goodluck Jonathan Bella Naija

The House of Representatives on Wednesday towed the line of the Senate by approving President Goodluck Jonathan’s request to borrow not more than one billion dollars to tackle the security challenges facing the country.

The Senate had, on September 25th, approved the request made by Jonathan to borrow the amount to tackle the national security challenges.

It, however, summoned the Minister of Finance, Ngozi Okonjo-Iweala, to appear before its committees on aids, loans, debt management and finance, and provide them with information regarding the terms and conditions of the loan.

The lawmakers also requested the National Security Adviser (NSA) to provide them with the breakdown of allocations that were appropriated to the Nigerian Air Force, Nigerian Army, Nigerian Navy, Department of State Service (DSS) and Nigeria Police Force (NPF).

The decisions were reached during the consideration of the report from Adeyinka Ajayi (APC- Osun)-led committees on aids, loans, debt management and finance, after recommendation by the joint committees’ report.

The News Agency of Nigeria reports that the report was laid on the floor of the Green Chamber on October 21st.

It would be recalled that the Speaker, Aminu Tambuwal, had on penultimate Tuesday, issued a week ultimatum to the Committees on Aids, Loans, Debt Management and Finance to furnish the House with a report and recommendations on the President’s loan request.

The house had referred the matter to the joint committee to investigate and advise it on the way forward.

Addressing the house on the matter, Chairman, Committee on Finance, Abdulmumin Jibrin (APC-Kano), said the joint committee was yet to conclude its assignment.

Jibrin, however, said that the committee had so far discovered that the loan would cost the nation N30 billion to service it in seven years.

He said that the joint committee had already engaged some stakeholders and was still expecting to hold talks with others before submitting its findings.

He said that in the course of the interface with stakeholders, the committee discovered that even the military was at a loss as to how the amount was going to be utilised.

He, thereafter, requested for additional two weeks to enable the committee to conclude work.

Tambuwal, in his ruling, said that he would only give the committee one week because the issue was urgent and needed to be treated as such.

It would be recalled that a public hearing by the committee on the loan on September 30th could not hold due to the absence of Okonjo-Iweala and Chief of Army Staff,  Kenneth Minimah.

Their absence forced the joint committee on finance and loans and debts to postpone the hearing.

The Senate on September 25th, approved the request.

This followed the report of the Senate Joint Committee on Finance, and Local and Foreign Debt, on the request.

The News Agency of Nigeria (NAN) was established by the Federal Government of Nigeria in May 1976 to gather and distribute news on Nigeria and cover events of interest to Nigeria at the international level for the benefit of the Nigerian Media and the Public.

6 Comments

  1. bruno

    October 22, 2014 at 10:32 pm

    when they put him on the list of richest african presidents, he would start complaining, just look at the amount of money he is about to steal/waste. we all know 1 billion dollars is way to much to just security.

  2. @edDREAMZ

    October 22, 2014 at 11:01 pm

    a.k.a EDWIN CHINEDU AZUBUKO said…
    .
    “NIGERIA” i raise hand for jonah i swear…..
    .
    ***CURRENTLY IN JUPITER***

  3. Wifey

    October 23, 2014 at 5:56 am

    1 billion, right before election. The money will vanish and the next generation will end up payiing more than double the loan amount with compound interest. I’m tired.
    I hope there will be visibility

  4. Bullet

    October 23, 2014 at 7:16 am

    Chei…i billion dollar loan?…for military hardware?

    Chei Nigeria is going back into debt….into IMF days!!

  5. Max

    October 23, 2014 at 9:36 am

    Some folks dont just understand.

  6. taipan

    October 23, 2014 at 10:52 am

    Is there anything President Jonathan does that most Nigerians wont complain? Boko haram attacks, they will say Jonathan is week, now he wants to fight terror by Equipping the military you guys are still complaining! Na wa oo

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