The loan request is coming less than four months after the
Since 2011, the Federal Government has allocated not less than N1 trillion in each year for the security sector, all in an effort to tackle the insurgency.
But the security situation deteriorated since then.
In a letter to the
"You are no doubt cognizant of the ongoing and serious security challenges which the nation is facing, as typified by Boko Haram terrorists threat. This is an issue that we have discussed at various times," said Jonathan.
"I will like to bring to your attention the urgent need to upgrade the equipment and logistics of our armed forces and security services to enable them more forcefully confront this serious threat. For this reason, I seek the concurrence of the
The President, however, did not disclose the specific source of the loan, interests rate and how many years it will take to repay.
Ten years later, the Federal and state governments have embarked on massive foreign borrowing thereby increasing the nation's debt profile to about
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- Tim Cook Has Proved That Apple is His Baby
- Why the Bond Market Isn't as Safe as You Think
- Lexus Luxury Compact Sedan Wins Buyers
- Review: Pay by Phone or Just Keep Using Plastic?
- Royals Beat A's in 12-inning Wild Card Thriller
- What to Look for in Mich. Jobs Market
- Construction Spending Down Again for August
- Dallas Parents Fear Students Exposed to Ebola
- Obama Seeks Traction From Economic Recovery