Home Breaking News Federal Government to Borrow $1.2BILLION From Brazil

Federal Government to Borrow $1.2BILLION From Brazil

by Nwani Chisom
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Reports reaching OYOGIST.com shows that the Federal Government has demanded a $ 1 .2 billion external borrowing from Brazil to finance agricultural programmes in the 2021 budget, A request for approval has also been transmitted to the National Assembly.

Minister of Finance , Budget and National Planning, Zainab Ahmed , disclosed this at the House of Representatives Committee on Finance in Abuja on Tuesday while defending the budget proposed by her ministry.

The Federal Government also sent a request to the National Assembly to approve the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria.

Ahmed said during the briefing;

“For borrowing to improve industry, we are before the parliament. I request for the approval for loan that we call the Green Imperative Programme which is for loan of $ 1 . 2 bn 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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