Federal Government has written the National Assembly, seeking its approval for $1.2bn loan from Brazil to finance agricultural programmes in the 2021 budget.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend the budget proposed by her ministry, made this known.
Ahmed disclosed that the Federal Government 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.
The Minister also said the Federal Government would acquire 100,000 hectares of land 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.
Responding to a question from Chairman of the committee, Mr James Faleke, about diversification of the economy, Ahmed explained;
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 development has since sparked angry reactions from many Nigerians, who accused the Federal Government of running the nation on borrowed funds.
Many Nigerians on Twitter asserted that yearly budget is being used to service debt and not for the development of the nation.
See some reactions below;
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
General @MBuhari and his crew are just a shameless bunch. They have over begged and over borrowed from China, Europe and America. And now, they are going to beg and borrow from Brazil. Don’t be surprised if they beg and borrow from Ghana next!#EndSARS https://t.co/Almvql3vtf
— Reno Omokri (@renoomokri) November 4, 2020
FG Seeks NASS Approval For $1.2bn Agric Loan From Brazil.
Awon onigbese with rubberstamp NASS.
— Ayemojubar 👠 (@ayemojubar) November 4, 2020
Aside this loan from Brazil, expect them to borrow more from Benin Republic, Mali, Togo, Sudan & other African countries
If you dunno the perfect definition
of failure, this administration led by
Buhari defines it so perfectly for youTrump once called him lifeless,
this is why— I Z U 😡 #EndSARS (@heisizumichaels) November 4, 2020
We’re now borrowing money from Brazil?
Even Brazil? pic.twitter.com/Qx72AKz2RR— SToKED ®™ 👑 (@_Alexander_king) November 4, 2020
You’re worried about Trump and Joe Biden in America while your country Nigeria wants a loan of $1.2bn loan from Brazil, yes Brazil! At this rate I won’t be surprised if they borrow from Ghana next.
— Benue Breed👿 (@oyimzy) November 4, 2020
FG seeks fresh $1.2bn loan from Brazil 🇧🇷
Brazil is not a poor nation. Their GDP is more than $1.8trillion which you can’t compare with Nigeria’s own of $445billion. It’s just that we no longer have shame. FG may end up borrowing money from Ghana and Benin Republic soon. Shame! pic.twitter.com/HcFfh4W7cT
— Uche Ezeonye Offical (@uche_ezeonye) November 4, 2020
Brazil president telling Benin Republic president what to do whenever he sees Buhari coming to take loan from them. pic.twitter.com/aUV8aamORn
— Baller G🔌💧 (@spunkynigga) November 4, 2020
FG seeking fresh $1.2bn loan from Brazil is like Mikel obi seeking loan from neymar.
With the way things are going Benin republic might become the new Canada for Nigerians
— KANNY🀄 (@o_kanyy) November 4, 2020
FG seeks fresh $1.2bn loan from Brazil.
Very soon Buhari government will seek loan from Burkina faso, Benin Republic, Togo or even Niger Republic, if we are not careful with this borrow borrow and bambiala government.
— Uncle Ajala (@UNCLE_AJALA) November 4, 2020
Shameless people now they’ve turn to Brazil..No means on how to make money just borrow, run Nigeria to the ground and go back to living their best lives💔
— CHI-NWE (@Miz_madam) November 4, 2020
