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Nigerian govt seeks fresh $1.2 billion loan from Brazil

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The Federal Government of Nigeria is seeking the approval of the National Assembly for $1.2bn external loan from Brazil to finance agricultural programmes in the 2021 budget.

The minister of finance, budget and national planning, Zainab Ahmed, made the disclosure while defending her ministry’s 2021 budget before the House of Representatives Committee on Finance in Abuja on Tuesday.

She revealed that the Federal Government forwarded an approval request to the National Assembly for the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria.

The minister also said the 100,000 hectares of land would be required in each state for food production, adding that link roads would be built in such locations to provide access for farmers to move farm produce to markets and reduce post-harvest losses.

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