A $1 billion loan requested by President Goodluck Jonathan to buy security hardware to fight the Boko Haram insurgency will be paid back in seven years, it was revealed at yesterday ’s plenary in the House of Representatives.
Chairman, House Committee on Finance, Abdulmumin Jibrin said the country would pay N30 billion annually for seven years to settle the debt. The amount would form part of Nigeria’s budget from 2015.
The country will pay the sum of N210 billion in repaying the loan, out of which only about N165 billion is for the actual loan, while N45 billion will be for interest, based on current official rate.
Jibrin however requested the House to give the committee on debts and loans and that of finance two weeks to conclude work on the loan request.
He said the committees were trying to establish the portion of the military hardware that would go to each security agency among other issues.
The Senate had about a month ago approved the $1 billion loan.
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