FG to borrow fresh $1.2bn from Brazil

The Federal Government of Nigeria has said that it’s seeking a loan of $1.2bn from Brazil to finance agricultural programmes in the 2021 budget.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known during a meeting with the House of Representatives Committee on Finance in Abuja on Tuesday.

Ahmed said that a request has been sent to the National Assembly to approve the loan from the Brazilian government.

She said the loan will be used to address issues in agriculture, adding that 100,000 hectares of land will be acquired in each state for food production.

“I request for the approval for loan for the Green Imperative Programme which is for loan of $1.2bn from the Brazilian government.

“The purpose of this program is to address the whole of agricultural value chain from mechanization, production, processing and selling,” she said.

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