Boko Haram: Jonathan’s $1bn loan will cost Nigeria N30 bn as interest — Reps

Inside the chambers of the House of Representatives

The House of Representatives on Wednesday joined the Senate in approving $1 billion (N165 billion) for President Goodluck Jonathan to purchase military hardware for the fight against extremist group, Boko Haram.

The lawmakers however warned that Nigeria will pay additional N30 billion to service the credit in seven years.

The Senate had on September 25 approved the request made by the president to borrow the amount to tackle the national security challenges.

The House, however, summoned the Minister of Finance, Ngozi Okonjo-Iweala, to appear before its committees on aids, loans, debt management and finance, and provide them with information regarding the terms and conditions of the loan.

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

The decisions were reached during the consideration of the report from Adeyinka Ajayi (APC- Osun)-led committees on aids, loans, debt management and finance, after recommendation by the joint committees’ report.

The report was laid on the floor of the House on Tuesday.

The Speaker, Aminu Tambuwal, had last Tuesday issued a week ultimatum to the Committees on Aids, Loans, Debt Management and Finance to furnish the House with a report and recommendations on the president’s loan request.

The house had referred the matter to the joint committee to investigate and advise it on the way forward.

Addressing the house on the matter, Chairman, Committee on Finance, Abdulmumin Jibrin (APC-Kano), said the joint committee was yet to conclude its assignment.

Mr. Jibrin, however, said the committee had so far discovered that the loan would cost the nation N30 billion to service it in seven years.

He said that the joint committee had already engaged some stakeholders and was still expecting to hold talks with others before submitting its findings.

He said that in the course of the interface with stakeholders, the committee discovered that even the military was at a loss as to how the amount was going to be utilised.

He, thereafter, requested for additional two weeks to enable the committee to conclude work.

Mr. Tambuwal, in his ruling, said that he would only give the committee one week because the issue was urgent and needed to be treated as such.

A public hearing by the committee on the loan on September 30 could not hold due to the absence of Okonjo-Iweala and Chief of Army Staff, Lt. Gen. Kenneth Minimah.

Their absence forced the joint committee on finance and loans and debts to postpone the hearing.

This followed the report of the Senate Joint Committee on Finance, and Local and Foreign Debt, on the request.

(NAN)


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  • Olu

    Since there is now a ceasefire….Supposedly. Why still apply for the loan?

    • tundemash

      na “oluwole” ceasefire.

      • Lala

        Hahaha! I dey laf o.

    • Okemute1

      That is how he announce that we will have stable electricity last year, yet in this year’s budget, there was an increased amount for diesel and generator purchase and servicing for ASO Rock. They must think we are senseless. I plan myself on the govt budget. If there is a budget for diesel, I rule out electricity stability.

  • mike

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    AT CHEAPER PRICES.
    These cars were seized by government officials at border and the time duration given to the owners to claim their cars has elapse so they are been sold

    in a give away price. All you need do is to call 08037590258 to place an order of your choice.6588uy

  • Otile

    This the only thing Dauda Mark and Tambuwal are there to do, to approve funds for boondoggles. How does this futile war benefit anybody? Whose oil money is go to be used to pay the debilitating interests let alone the capital?

    • tundemash

      Clown Prince, when Dumbo requested for the money, what was your comment ? Did some of us not query what he had spent the N1tr yearly defence budget on in the last 5 years ? Did you not, as usual, label anyone who queried this transaction as APC member ? Confused soul you are.

      • Okemute1

        Otile is not it. You don’t reply people like him. Just consider this, you just announce a ceasefire, and you are planning to fight Boko haram with $1b! Which boko haram or are they planning on creating a new boko haram or was the ceasefire just a political gimmick aimed at helping GEJ project himself as the only person that can guarantee our security?

        • tundemash

          I just pasted your intelligent poser directly to @Otile knowing he would try to dodge it.

    • D1

      Don’t understand you anymore, this flip flopping is so confusing. Today you condemn, tomorrow you approve! Where do you stand, buddy?

      • tundemash

        Election is coming and some of the e-rats like @Otile are sober. Over the years until 4 weeks ago, his post doesn’t end without him accusing the North or Muslim religion and now the tone has changed. He’s a CLOWN !

    • tundemash

      Confused Otile, @Okemute1 had some posers for you and as i know you would pretend you didn’t see it hence i have pasted it here. Oya turn logic upside down as usual …..

      Just consider this, you just announce a ceasefire, and you are planning to fight Boko haram with $1b! Which boko haram or are they planning on creating a new boko haram or was the ceasefire just a political gimmick aimed at helping GEJ project himself as the only person that can guarantee our security?

  • allfsanni

    When you read of Billions of loans for ammunition and not for development o Nigeria bad infrastructure we get depressed of stupidity and worthlessness of the so called leaders. The job of fighting militants is supposed to be that of Military Police and Police. Those fighting and killing militants are militants themselves.

    All militants are not supposed to be killed. they are to be apprehended and brought to the court house for justice. And interrogated to know what is their reasons and problems.

    And them judgement be passed to those guilty. Killing all militant is killing evidence. And we see now is they do it to originate loan and put people in debt and share loan origination fees among the militants killing militants.

    On the day the Christ peace be on Him, and all Prophet tell us to beware of, that the Day of Judgement is at Hand. You will face the fire. You will not say God Allah is terrorist for putting you in hell fire because even you feet will testify against you. Your body pat will talk say the Quran. And you will ask God to let you go back to earth to fix your sin problem? You will guess the rest of the story of what your answer will be.

  • mike

    (NATIONAL AUTHORIZED CAR AUCTIONS/SALES) FOR 2014-TO BUY CALL THE MARKETING DEPARTMENT OFFICER LINE 08142710826 -WE HAVE DIRECT TOKUNBO CARS FOR SALE

    AT CHEAPER PRICES.
    These cars were seized by government officials at border and the time duration given to the owners to claim their cars has elapse so they are been sold

    in a give away price. All you need do is to call 08142710826 to place an order of your choice.fd

  • Concerned Citizen

    How can you approve a loan and not investigate first what it will be used for? These guys are just jokers.

  • Arabakpura

    What is your comment on the 2.1 billion Naira largesse frittered away by your principal? I am 105% sure that you were a witness to that as the media adviser!

  • James Bond

    After all the lazy reading they did, Jonathan’s ministers then went out and stole the country blind..

  • Bukola Moyo

    Which of these books have Abati read or taken to heart in his years in government? It is easy to compile a reading list but apparently not so to be nourished by the insights they offer!

  • Sanmi Falae

    In a culture that relies on instinct and imitation for problem solving, choice, and decision making and taking, reading is naturally redundant. Moreover corruption and lack of accountability mean your proffered knowledge or solution doesn’t have to be safe or fit for purpose and human consumption. It also explains absence of comprehension and application, even when we do manage to read a book. Incidentally, a book titled ‘NIGERIA’ has just been published last week or so. It is by one Richard Bourne, a senior research fellow @ the Commonwealth Institute, University of London. Personally I think the book is more of a commercial enterprise than either academic or practical endeavour. In other words, it is trying to take advantage of our failure to produce our own knowledge by not doing our own writing. It is 275 pages (excluding bibliography) and covering a period between 1914 -2015!!!!! In that context, can I beg Mr Abati to please write his memoir on Nigeria’s political establishment. Please do. I’d take a bank loan to buy it !!!

  • Onike24

    Mr Abati, with the greatest respect your have lost the authority to say a word, when you defended the indefensible, when you lied repeatedly to the Nigerian people. Stop pouring salt on an open wound, you cannot have your cake and eat it. You choose to side against the interest of Nigerians, so please stop writing patronising articles, by the way did you give Sambo Dasuki any of the books to read? I hope the editorial board of PT will do us all a favour and reject his articles, let him start a blog, that way those who want to read his self serving drivel know where to go.

    • Kitunde

      Honestly-The man should give us a break. He has forgotten that he is one of ‘Yesterdays Men’ we will continue to remind him. For we don’t hold any ‘anger’ in us. Hypocrite! But sha i know EFCc will soon invite him too.

      • Onike24

        Me I hold anger O!

  • Suleiman Aminu

    “Some of the people who suddenly become Federal Ministers do not know any other part of Nigeria apart from their ethnic enclaves. They have no friends outside their states of origin. They may never have travelled round the country! Nobody can govern Nigeria or make a difference who does not know the country. This disconnect is often the bane of performance.” Herein lies a confession on why your boss GEJ didn’t quite succeed. He was shot into the exalted position with very little knowledge of Nigeria as a country outside the SS and SE. I share your sentiments Mr Abati.

  • Damilola

    The same Hell’Rufai that cowardly advised the ones seeking to be Governor to desist, will have somebody killed if 2019 presidency is not placed on his laps. What a power obsessed hypocrites. I wonder if he is as busy as the US president that still find in his tight schedules to read up and build himself more, so he doesn’t get alienated from the world if intelligence, wisdom and knowledge. Those ones know the importance of Reading cos they’re surrounded with people who could make them feel inferior and less equipped. Knowledge is a thing of competition around and among them, not here where looting and numbers of houses are the yardstick for a big smart man