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Nigeria approves $1 billion for procurement of weapons to fight insecurity ahead of 2019 general elections
The approval is coming at a time the CBN MPC cautioned the government against the potential impact of the 2019 election-related spending
The Independent National Electoral Commission (INEC) had fixed 2019 elections between February 16, 2018, and March 2, 2018, for the Presidential, Governorship and State Assembly elections.
Mansur Dan-Ali, Nigeria's defence minister disclosed this at the end of security chiefs meeting with President Muhammadu Buhari at the Presidential Villa, Abuja, on Wednesday, April 4, 2018.
“Of recent, our leader, gave approval for the purchase of more equipment for the military, worth $1 billion.”
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“As usual, we discussed the current activities that affected most of the states in the federation like Taraba, Zamfara and other states."
“The strength of security personnel has increased including the Air Force additional quick response group, they have added enough manpower in that area."
Ali said: “We are making all available efforts to see that the girl is returned safely," while referring to Leah Sharibu, the only Dapchi school girl still in captivity with Boko Haram.
Ben Murray Bruce, Nigerian Senator and member of the Opposition party, while reacting to the development said the presidency or the executive cannot spend a single kobo on such a mission unless the National Assembly approves. No official word from the Nigerian Senate yet.
"There is a separation of powers in Nigeria."
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"it has not been approved, it is simply the choice of words, the presidency or the executive cannot spend a single kobo on such a mission unless the National Assembly approves", Bruce said in a tweet on Wednesday.
Recall that the National Economic Council (NEC) had in 2017 approved the one billion dollars to be sourced from the country’s excess crude account for the fight against insurgency and other violent criminal activities across the country.
Meanwhile, the Central Bank of Nigeria, CBN, rising from its 117 Monetary Policy Committee meeting on Wednesday, April 4, 2018, cautioned the federal government against the potential impact of the 2019 election-related spending, against the weak backdrop of tax revenue efforts, herdsmen related violence and rising yields in the advanced economies.
The Committee also urged the Government to initiate strong stabilization programmes and to freeze the growth in its aggregate expenditure and FAAC distributions in order to create savings; needed to stabilize the economy against future oil price related shocks
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