Nigerians Decry FG’s Plans To Seek Fresh $1.2bn Loan From Brazil

Zainab Ahmed
Zainab Ahmed

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;

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