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.

He said the interest terms rate could not be indicated because it was the suppliers of the military hardware that would negotiate such agreement.

He said, “Also, 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.”

There was however, a mild drama on the floor of the red chamber when Senate President, David Mark; his deputy, Ike Ekweremadu; and Makarfi urged their colleagues not to subject the report to a debate because of its security implications.

But the Senate Minority Leader, Senator George Akume; Senator Olubunmi Adetunmbi; and Babafemi Ojudu laboured in vain to frustrate the approval of the loan.

Adetunmbi quoted relevant sections of the Nigerian constitution to argue that the loan request contradicted the Appropriation Act, and Fiscal Responsibility Act.

He further argued that Jonathan should have requested for the loan through a supplementary appropriation bill.

However, Makarfi clarified that Adetunmbi’s arguments were not relevant to the matter because the loan was not in cash.

He said the National Assembly would be contacted by the executive for necessary appropriation whenever it was time to repay the loan in cash.

Mark therefore called for a voice vote to determine the approval or rejection of the loan.

Members of the ruling Peoples Democratic Party in the upper chamber voted in support while their counterpart in the All Progressives Congress voted against it.

http://www.punchng.com/news/senate-okays-jonathans-1bn-loan-request-for-arms/

Owo ibo don come.......................

Omooba77: Owo ibo don come.......................

Meaning ?

Ohhhhh!! These people make me sick! I wish someone could just detonate an atomic bomb right in the middle of the Three Arms Zone so we can completely rid ourselves of these bunch of crooks and usurpers!!

Hope they will use the money for Arms and not for campaign and sharing.

$1bn 4 campaign i guess

It's well. Agreed PDP is useless but what about APC? What's the job of the opposition in the senate? They're both useless.

$1 billion How many arms have they bought with the money they have ?
They would definitely loot the money and they would end up buying no or fake weapons.

I hope they put the money to good use. Bunch of crooks! Damn! This people makes me sick.....half of that money will never be used for what they're meant for. That's the plain truth...and it hurts.

Too much money in this country yet they refuse to grant me just one million to start my own biz...

1Billion Dollars Approved for Patience Jonathan to prosecute Rivers State Governorship election!

Yeye people!

finally,

APC + PDP + other senators approved it.

To your tents everyone.

---

We have no business borrowing.

Nigeria will get better one day, I sincerely believe so.

Aitee1: Too much money in this country yet they refuse to grant me just one million to start my own biz...

lmao! You go fear lamentation

NgeneUkwenu: 1Billion Dollars Patience Jonathan to prosecute Rivers Governorship election!

Yeye people!

$1 billion was approved by Nigeria senate not PDP remember

How many years will this one be repaid; our future being mortgaged.................

omenka: Ohhhhh!! These people make me sick! I wish someone could just detonate an atomic bomb right in the middle of the Three Arms Zone so we can completely rid ourselves of these bunch of crooks and usurpers!!

is the money your father's money? Imagine a foreigner from Niger Republic ranting nonsense about Nigeria. No be ur fault o, na Lord Lugard useless amalgamation caused am

NgeneUkwenu: 1Billion Dollars Approved for Patience Jonathan to prosecute Rivers State Governorship election!

Yeye people!

that's why you are and remain a she-male for life

Oil rich Nation with $6 billion military budget is borrowing $1 billion to what the military didn't do because the military crooks embezzled the money and starved their services and men in uniform.

Still, no accountability and instead, the crooked service chiefs all bagged National awards courtesy of their equally crooked and corrupt commander in chief.

So what about the seized 9.3m dollars? I thought that was for arms to fight BH? These politicians are gradually running down this country, and all we do is cheer them on.

luvmijeje: It's well. Agreed PDP is useless but what about APC? What's the job of the opposition in the senate? They're both useless.

Can you fault APC herel? Just point one thing they did wrong here.

arresa: Oil rich Nation with $6 billion military budget is borrowing $1 billion to what the military didn't do because the military crooks embezzled the money and starved their services and men in uniform.

Still, no accountability and instead, the crooked service chiefs all bagged National awards courtesy of their equally crooked and corrupt commander in chief.

I wonder.

gratieao:
$1 billion was approved by Nigeria senate not PDP remember

Yes, but is on record, APC senators voted against it.

Dude needs some though for his political ambitions come 2015

Some people are deceiving us and we are folding our arms

kel4soft:

Yes, but is on record, APC senators voted against it.

Na everything dem dey oppose sah..................

Omooba77:
Na everything dem dey oppose sah..................

No, it was supposed to be debated but the PDP lawmakers refused so they voted against it.

Honestly don't understand this. Is it that this govt. Want to get this loan in exchange for military hard ware? And still claimed the $9.3m cash sent south Africa is for the same purpose. God help us!