Nigerian Government Begs Brazil for Fresh $1.2bn Loan - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Wednesday, 4 November 2020

Nigerian Government Begs Brazil for Fresh $1.2bn Loan

Muhammadu Buhari

Muhammadu Buhari

The government of President Muhammadu Buhari has asked Brazil for a fresh $1.2 billion loan.

It said the loan will be used 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.”


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