Federal Government seeks fresh loan from Brazil for agricultural financing

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     The Federal Government of Nigeria has sought the approval of the National Assembly for a fresh loan from Brazil amounting to $1.2billion to finance agriculture in 2021.
Minister of finance, budget and national planning, Zainab Ahmed made this known while defending the finance ministry's budget for 2021 before the House of Representatives Committee on Finance in Abuja on Tuesday.
She revealed that the Federal Government forwarded an approval request to the National Assembly for the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria.


The minister also said 100,000 hectares of land would be required in each state for food production, adding that link roads would be built in such locations to provide access for farmers to move farm produce to markets and reduce post-harvest losses.

Speaking in response to a question on diversification of the economy posed by Chairman of the committee, Mr James Faleke, the minister said;

“For borrowing to improve industry, we are before the parliament. I request for the approval for loan that we call the Green Imperative Programme which is for loan of $1.2bn from the Brazilian government.

“It is a programme that is addressing the whole of agricultural value chain from mechanisation, production, processing and selling. It is meant to lend to businessmen for tractors, plants at all levels,”

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