President Jonathan seeks to borrow $1 billion to fight Boko Haram.

President Goodluck Jonathan on Wednesday requested permission from the National Assembly to borrow $1 billion to help equip the armed forces in its fight against the Islamist-insurgent group Boko Haram.

Jonathan, in a letter dated July 15 and read out today in Abuja, by Senate President David Mark, said the $1 billion may be sourced from other governments.


“You are no doubt cognizant of the ongoing serious security challenges, which the nation is facing as typified by the Boko Haram terrorists threat. This is an issue that we have discussed at various times.

“I would like to bring to your attention the urgent need to upgrade the equipment, training and logistics of our Armed Forces and security services to enable them be more forceful to confront this serious threat.

“For this reason, I seek the concurrence of the National Assembly for external borrowing of not more than $1 billion, including government to government arrangements for this upgrade.”

Though $6 billion was allocated to defense and security this year’s budget, Federal Government is struggling to curtail a five-year-old insurgency by Boko Haram militants.