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FG Seeks Fresh $1.2bn Loan From Brazil

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The Federal Government has applied for a $1.2bn external loan from Brazil to finance agricultural programmes in the 2021 budget. 

A request for the approval of this loan from Brazil has also been transmitted to the National Assembly.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend the budget proposed by her ministry, and made this known.

Ahmed disclosed that the Federal Government has sent a request to the National Assembly to approve the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria.

Ahmed also 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.

Chairman of the committee, Mr James Faleke, asked the finance minister about diversification of the economy.

Responding, Ahmed 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.

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“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.”

Zainab also faulted the Minister of Power, Sale Mamman on why the 3,050MW Mambilla power project was not captured in the 2021 budget.

The finance minister stated that Mamman did not include the project in the submission made to her ministry for 2021 budget.

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