FG seeks NASS approval for $1.2bn agric loan from Brazil

The Federal Government of Nigeria is seeking the National Assembly’s approval to access the $1.2 billion agricultural loan from Brazil.

This was disclosed by the minister of Finance, Budget and National Planning, Zainab Ahmed, when she appeared to defend the ministry’s 2021 budget before the House of Representatives’ committee on Finance on Tuesday.

• FG shifts attention to cocoa as CBN flags off revolution loans
• Nigeria’s debts: How each Nigerian owes N155,000

According to her, the federal government had forwarded the loan request to the National Assembly which is aimed at addressing issues in the agriculture value chain as Nigeria’s moves to make it another source of revenue.

Mrs Ahmed said government was planning to acquire100,000 hectares of land in each of the 36 states for food production.

The minister added that roads would also be build in such locations to provide access for farmers to move their farm produce to markets to reduce post harvest losses.