The Federal Government is seeking a $1.2bn loan from Brazil to finance agricultural programmes in the 2021 budget.
Minister of Finance, Zainab Ahmed, who disclosed this when she appeared before the House of Representatives Committee on Finance in Abuja on Tuesday, said a request for approval of the loan has been transmitted to the National Assembly.
Ahmed further disclosed that the Federal Government would acquire 100,000 hectares of land in each state for food production.
She added 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.
Responding to a question on diversification of the economy, Ahmed said, “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.”
Zainab also faulted the Minister of Power, Sale Mamman on why the 3,050MW Mambilla power project was not captured in the 2021 budget.
The finance minister stated that Mamman did not include the project in the submission made to her ministry for 2021 budget.
The finance minister also told the committee that the executive might forward a supplementary budget to the National Assembly to provide for new salaries in the ongoing reform of the Nigeria Police Force.
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