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