The Federal Government of Nigeria has said that it’s seeking a loan of $1.2bn from Brazil to finance agricultural programmes in the 2021 budget.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, made this known during a meeting with the House of Representatives Committee on Finance in Abuja on Tuesday.
Read also: Nigeria Heading For Another Recession If Economy Does Not Improve In Q3, Says Finance Minister
Ahmed said that a request has been sent to the National Assembly to approve the loan from the Brazilian government.
She said the loan will be used to address issues in agriculture, adding that 100,000 hectares of land will be acquired in each state for food production.
“I request for the approval for loan for the Green Imperative Programme which is for loan of $1.2bn from the Brazilian government.
“The purpose of this program is to address the whole of agricultural value chain from mechanization, production, processing and selling,” she said.
Read also: WTO: Nigeria’s Okonjo-Iweala, 4 Others Scale First Round Of Screening
Meanwhile, Nigerians who have been condemning Buhari’s appetite for borrowing, again lashed out at his government for turning towards Brazil for yet another loan.
- Some Twitter Reactions
Amokachi,Okocha and Nwankwo;You defeated Brazil in 1996 and now your country will borrow from them.See life.
— Senator Shehu Sani (@ShehuSani) November 4, 2020
Forget Trump and Biden guys, your country wants to collect $1.2bn loan from Brazil. Brazil fgs. They’ll soon come and beg from Niger Republic😂
— BadMan Cyph (@SteveCypha) November 4, 2020
Brazil is a third world country.
Brazil is a third world country
Brazil is a third world countryYet Nigeria wants to borrow from them. When will another country borrow from Nigeria?
— DR.PENKING™ (@drpenking) November 4, 2020
After Brazil, I won't be surprised to see Nigeria borrow from Ghana.
— Victor Babatunde (@vhic_tore) November 4, 2020
Nigeria is begging Brazil for a loan? It is not as if Brazil is that financially buoyant.
Whatever you say about China's authoritarian leaders, they are competent.
In Africa we get the short end of the stick; authorianism with world class incompetence.
— Onye Nkuzi (@cchukudebelu) November 4, 2020
