BusinessNews Update

FG to Loan $1.2bn from Brazil

The Current Minister of Finance Budget and national planning Zainab Ahmed to acquire loan of about $1.2 billion from brazil.

Federal Government to loan $1.2 on from Brazil according to a bill which was presented by the minister of agriculture Zainab Ahmed to the house of representatives members.

FG to Loan $1.2bn from Brazil

The minister assures the house that the loan would be used for reviving the agriculture economy in line with the 2021 budget. She said;

For borrowing to improve the industry, we are before the parliament. I request the approval for a loan that we call the Green Imperative Programme which is for a loan of $1.2bn from the Brazilian government.

Over 100,000 hectares of land would be acquired to boost food production in the local market and improve transportation of harvest raw and semi-raw produce. She said;

It is a program that is addressing the whole agricultural value chain from mechanization, production, processing, and selling. It is meant to lend to businessmen for tractors, plants at all levels,

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This development would increase the national debt profile from N14 trillion to N34 trillion said the minister earlier, to achieve results faster.

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