The Minister of Finance, Zainab Ahmed, says the Federal Government is seeking fresh $1.2 billion loan from Brazil to finance agricultural programmes in the 2021 budget.
She disclosed this while appearing before the House of Representatives Committee on Finance to defend her ministry’s 2021 budget estimates.
Ahmed said that details of the fresh loan have been transmitted to the National Assembly for consideration and approval.
“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 $1.2bn 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,” the minister told the Hon. James Faleke-led Committee.
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However, many Nigerians took to social media to fault the fresh loan application.
Idris Ismaila wrote, “Must they borrow from every part of the world? I wonder what they are doing with all this money.”
Tijjani Ibn Aliyu wrote, “Can the FG show us the progress & charts of those farmers that benefited from the previous investment into agriculture with what it has actually improved?”
Bolarinwa Gbenga Joshua wrote, “Why all these shameful borrowings from every dick and harry when you have refused to reduce the cost of governance? This is outrageous! Already you guys have projected N38Trillion+ debt figure by end of 2021. It’s senseless when you live in extravagance financed by borrowings.”