By Muyiwa Bamidele
Nigeria President Goodluck Jonathan has sought for the approval of the National Assembly to obtain a $1 billion loan.
In a letter read on the floor of the Senate by the Senate President, Senator David Mark, Jonathan said the money will be used to upgrade the equipment of the armed forces.
Jonathan said this is to enable the Federal Government effectively fight the Boko Haram insurgency, especially in the North Eastern part of the country.
The letter, dated July 15, 2014, reads: “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.”
However the details of where the loans would be source was not included in the letter asking for the approval