President Jonathan seeks $1billion loan to fight Boko Haram

President Goodluck Jonathan has asked the House of Representatives to grant approval to his government to borrow an external loan of $1bn (about N165bn).

The President's letter, seeking the lawmakers' approval to borrow the money, was read during the House's plenary in Abuja this morning.

Jonathan said the money would be used to upgrade the equipment of the Armed Forces in the fight of the insurgent group, Boko Haram.