The House of Representatives has approved the $1 billion loan requested by President Goodluck Jonathan to tackle insurgency and terrorism in the land.

Wednesday’s approval by the House followed the consideration of a report submitted by the Adeyinka Ajayi- headed Committee on Aids, Loans and Debt Management and the Committee on Finance.

The Finance Committee is headed by Abdulmumin Jibrin.

The Senate had on September 25 approved the loan requested by the President for the same purpose.

The report which was laid on Tuesday and given accelerated hearing on Wednesday urged the House to “approve the President’s request to enable his government fight the current security challenge in the country.

The lawmakers subsequently approved the four clauses in the report on the external borrowing.

While approving the loan, they asked the Minister of Finance, Dr. Ngozi Okonjo-Iweala, to provide information on source of funds, terms and other conditions on the loan.

In addition, the lawmakers requested from the minister, details of the tenure and interest repayment.

They also requested the National Security Adviser to provide the breakdown of allocations apportioned to various security agencies in the country namely – the Nigerian Air force, Nigerian Navy, the Nigerian Army, Department of State Services (DSS), Police and Nigeria Intelligence Agency.

It would be recalled that the President had on July 16 requested the National Assembly to approve his government’s request to borrow $1billion from development partners to fight insurgency ravaging the northern part of the country.