Mrs Zainab Ahmed, Nigeria’s Finance Minister, disclosed that Nigeria plans to borrow the sum of $1.76 billion from the domestic markets to fund the fight against insecurity.
This was disclosed in a report by Reuters on Wednesday evening, after the FEC meeting on Wednesday.
“The council also approved an aggregate sum of N770.60 billion to further enhance the capacity of the defence and security agencies to address current and emerging security challenges in our country,” she said.
She added that the FEC gave the approval to draw down on some existing World Bank loans totalling about N39.58 billion as part of the financing source for the supplementary budget.
“We will be working with the World Bank to restructure some of the existing facilities to realise this N39.58 billion,” she said.
What you should know
Recall Nairametrics reported in March that Senator Ali Ndume insisted that the Federal Government needs to increase its total military spending to be able to tackle the rising insecurity in Nigeria which has seen a number of school students kidnapped by bandits this year.