FG to Seek Fresh Loan from Brazil, Finance Minister Reveals

The Federal Government has sought the approval of the National Assembly for a fresh $1.2 billion loan from Brazil to improve the agriculture sector.

This was made known by the Minister of Finance, Budget and National Planning, Zainab Ahmed when she appeared before the lawmakers to defend her ministry’s 2021 budget figures.

Ahmed said the Federal Government would acquire 100,000 hectares of land 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.

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

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