The Federal Government of Nigeria is seeking a fresh $1.2 billion loan from Brazil to boost the country’s agricultural sector.
Zainab Ahmed, the Minister of Finance, Budget, and National Planning, disclosed this on Tuesday, November 3, when she appeared before National Assembly to defend her ministry’s 2021 budget figures.
She told members of the House of Representatives that government plans to use the loan to further boost the nation’s agricultural sector.
Speaking further, she 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.
In her words, “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.”
Read people’s comments and reactions below;
Lizzy Joffa: Them use borrow borrow swear for this government,they ‘re done borrowing from China they ‘ve moved to Brazil God please come to our rescue
Esther Osemwenoghogo: This people want to put Nigeria into debt because they know they have failed us..
I don’t get the reasons why keep borrowing money wen we don’t see the use of it..
Raphsikno Ltk: I wish they borrow the Money and stock it in Warehouse …so that we will go and do looting . anytime Brazil needs the money we will give the them remaining change ☑️abaa we even get good heart
Elvis Wealthy: Lol even Brazil that we are much more better than in recourses, WTF is wrong with this forbidden Govt…
Their generation should just pass away so fast, we freaking tired of old brains🙄
Bonatex Tochi: Nigeria is richer than Brazil still they re are asking for loan from them..buhari is only stealing all he see knowing very well this country cant stand for next 10 years impossible
Benedcit Isidore: Atleast no longer china only
When its time to pay and we don’t have , china will buy some part of Nigeria while Brazil will buy some part.
I will b among the Brazil part biko