LATEST UPDATE:
Senate Okays FG’s $1bn Loan Request For ArmsThe 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.
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