The House of Representatives has towed the line of the Senate by approving President Goodluck Jonathan’s request to borrow not more than $1 billion to tackle the security challenges facing the country.

The Senate, had, on Thursday, September 25, approved the President’s request.

HOMELAND NEWS reports that the legislators also summoned the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to appear before its Committees on Aids, Loans, Debt Management and Finance, and provide them with information regarding the source of funds’ terms and conditions of the loan vis-a-vis the tenor, interest repayment and others.

The lawmakers also requested the National Security Adviser to provide them with the breakdown of allocations that are appropriated to the Nigerian Air Force, Nigerian Army, Nigerian Navy, Department of State Service and Nigeria Police Force.

While briefing the House on the matter, Chairman, House Committee on Finance, Abdulmumin Jibrin, said the joint committee was yet to conclude its assignment. Hon. Jibrin however noted that the committee has so far discovered that the loan will cost the nation N30 billion to service it in seven years, if it is taken.
He said that the joint committee had already engaged some stakeholders and was still expecting to hold talks with others before submitting its findings.
It would also be recalled that a public hearing by the committee on $1 billion loan request on September 30 could not hold due to the absence of the Finance Minister Dr. Okonjo-Iweala, and Chief of Army Staff, Lt. Gen. Kenneth Minimah.
The absence of the duo forced the joint committee on finance and loans and debts to postpone the public hearing.


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