Senate Approves Jonathan’s $1 Billion Loan Request

A loan of $1 billion requested by President Goodluck Jonathan for the purpose of fighting terrorism has been approved by the Senate.

The president requested the loan for the purpose of boosting the country’s efforts against Boko Haram.

The funds will reportedly be used for logistics, to upgrade military equipment and to train members of the Armed Forces.

The loan was said to have been opposed by some lawmakers but it was given the final okay by the Chairman of the Senate Committee on Finance.

The funds will be used in addition to the N968.127 billion initially allocated for defence purposes in the 2014 budget.