The presidency said the fund will be used to fight other issues of insecurity in the country.
After Buhari presided over a meeting with the National Security Council at the Presidential Villa on Wednesday, April 4, 2018, the Minister of Defence, Mansur Dan-Ali revealed that the president approved the release of the fund which was withdrawn from the Excess Crude Account by the Federal Government.
"I can inform you that of recent, our leader, President Muhammadu Buhari, gave approval for the purchase of more equipment for the military, worth $1 billion," Dan-Ali said.
While speaking on Channels Television on Thursday, April 5, 2018, Adesina said the fund is not just to intensify the military's fight against Boko Haram but to fight other forms of insecurity in the country.
He also insisted that contrary to what the critics are saying, President Buhari followed due process in approving the release of the fund.
He said, "It couldn't have been done before the approval, the approval had to come like it came and then Mr President having approved it, sends a communication to the National Assembly. That's the right procedure.
"That fund is not meant to battle Boko Haram, it is not Boko Haram fund; it is fund to battle insecurity. Boko Haram is not the only form of insecurity we have in Nigeria.
"As we speak now, the communication to the National Assembly is about ready. Those who have been venting spleen and flexing muscles over the matter should just have bothered to make enquiries from the Senior Special Assistant to the President on National Assembly Matters.
"There is not timing that is not good for security. Every time is security time. Those who are reading political meanings to it, it is just very unfortunate they play politics with everything and they will play politics with the very life of Nigerians which is very bad."
Controversy has trailed the release of the fund as the opposition People's Democratic Party (PDP), and especially Ekiti State governor, Ayodele Fayose, has kicked against the process that led to the withdrawal of the fund.
While the Federal Government has insisted that the Nigeria Governors Forum (NGF) had approved the withdrawal of the fund in December 2017, Fayose said he had no input in the decision.
The Buhari-led government has been accused of trying to loot the $1 billion to fund the president's re-election bid in next year's election as critics fail to see the reason in using the enormous amount to fight a terrorist group that the government has claimed several times has been defeated.