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

$1Billion?
Enough money to go round.

Ok, no probem, continue.
I am tempted to wright this, on FP n 2nd 2 comment 4 that matter, I fell good.

That's a good one, atleast it wasnt cash transaction. Period of seven years is okay. We can also use this arms to topple the government of President Paul Biya of cameroon because they are wicked neighbour.

lekejob: Ok, no probem, continue.

all those money the are sharing

chai...Thieves, what happened to all the money they have been pumping into security?

Was it not this same government that said they have the money to buy ALL the arms needed?
https://www.nairaland.com/1908799/fg-embezzle-1billion

seun,mynd44,do the needful

It's official. GEJ wins in 2015.
Election money has just been released.
Any how APC wants it they will get it.
No shaking.

I thought shekau is dead and BH member surrendered? oh I forget election is near.. Nnpc $20b+ ayo $9.3m+$1b= PDP must win at all cost, buy the buyables,bribe the bribables.threaten the threatables,blackmail the blackmailables.

Now we're talking. Time to finish Boko Haram terrorist.
Boko sympathisers will not be happy to hear this.
Where is Hell Rufai when you need him?

Dem go Pocket am

I pray its used for what it was approved for.

Na today.

[size=15pt]$1 billion [/size]

These people are hell bent in winning the presidential election next year.

Nigeria will soon go bankrupt with the way this clueless goon is running her.


#weneedachangeofgovernment ASAP

Atigbo!

let the sharing begin , the insurgency was all about money, they hv given shecow a nice vacation and killed a look alike to deceive us, diaris God o

I know my country too well. What about the $9.3m seized is south africa. I'm sure there are many things we still don't know about how this money will be utilized.

darn!!!!

crivelli * 1.85 = under

farrax2: AIRTEL FREE 28GB grab urs in N'A,I'J,A,F,A,P,P,E,R dot C+O+M
AIRTEL FREE 28GB grab urs in N'A,I'J,A,F,A,P,P,E,R dot C+O+M
AIRTEL FREE 28GB grab urs in N'A,I'J,A,F,A,P,P,E,R dot C+O+M

Wetin be ya own?
You don mis road.

Kk ooh...

Is insurgency fund not meant 4 d purchase of arms?

This present administration has so much embarrassed us. Because they want to secure Nigeria now, they have to announce to the whole world that they are buying military gadgets. And they even have to take a loan to do that.

$1 billion hmm they have successfully gotten another way to loot more money.
They have not even brought the so called weapons they claimed they wanted to buy from South Africa they are busy approving $1 billion loan.

let insurgency Just stop... anyway, anyhow.... #Dats all

Waiting for the children of anger to show up
This news will be very devastating to them.

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










Opposition party in Nigeria is to perpetually counter whatever the Ruling party wants to do whether good or bad! Not one member of PDP found fault with the motion? And not One opposition member supports the motion? All this people are just "Zombie"

I like this script
Sheriff enter PDP, Jonathan declare, dem kill Shekeau, Boko Haram surrenders, some abducted girls released, money approved for security, campaign starts. Yeah

GEJ Till 2019

This country and money...hmmm


make them grant me just a token to start my own biz they refuse

they shld 'kontinu' looting in the name of insurgency...

God will always provide for His children!

To be diverted into Oritsejafor's account again

This present crop of leaders will bankrupt this country External debts keep piling up by the day. Whatever happens to all the security votes allowed for in the budget?


Vagabonds in Power

No need naa!


she cow is dead



Abi na election money sharing formula be this