A fresh loan is in the offing as the Federal Government has approached the National Assembly seeking approval for a $1.2 billion agricultural loan from Brazil.
According to the Minister of Finance, Budget, and National Planning, Zainab Ahmed, who made this known on Tuesday, November 3, when she appeared before lawmakers to defend her ministry’s 2021 budget figures.
Zainab Ahmed told members of the House of Representatives that government plans to use the loan to further improve the nation’s agricultural sector.
She further explained that 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 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,”she said.
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