In the 2021 budget, the Federal Government of Nigeria is seeking a $1.2bn loan from Brazil to fund agricultural programmes.
According to Punch, a request for approval has also been transmitted to the National Assembly.
Zainab Ahmed, the Minister of Economy, Budget and National Planning, made this known when she appeared before the Finance Committee of the House of Representatives in Abuja on Tuesday 3 November. To defend the budget that her ministry has presented.
Ahmed revealed that a proposal was submitted by the Federal Government to the National Assembly to authorize the Brazilian government’s loan to resolve issues such as Nigeria in the agricultural value chain.
Ahmed also said that the Federal Government would acquire 100,000 hectares of land for food production in each province, adding that link roads would be constructed in such places to provide farmers with access to transfer agricultural produce to markets and reduce post-harvest losses.
Mr. James Faleke, the chairman of the committee, informed the finance minister about the diversification of the economy.
“Answering, Ahmed said,” We are before the parliament for borrowing to enhance the industry. I seek the loan approval that we call the Green Imperative Project, which is for the Brazilian government’s $1.2 billion loans.
It is a programme that deals with the entire agricultural value chain through mechanization, development, processing and sales. It is intended to lend tractor plants, plants at all levels, to businessmen.
“By providing updates on the implementation of the 2020 budget from January to September, Ahmed said,” As of the end of Q3 2020, the revenue available to FGN for budget financing (excluding GOES) was N2.83tn, 70% of the target.
“FGN ‘s share of oil revenues was N1.20tn (representing an output of 158%, over and above the prorated amount in the revised 2020 budget), while non-oil tax revenues amounted to N927.47bn (76% of the revised target).”