The reduction of the 2020 budget due to a fall in crude oil prices and COVID-19 Pandemic has also affected the agricultural sector of the country as the president is seeking to borrow a fresh one point two billion dollars loan.
Naija News understands that the new loan will finance the mechanization of agriculture in the country.
Speaking after the first virtual Federal Executive Council, the Minister of Agriculture and Rural Development, Mr. Sabo Nanono, said President Muhammadu Buhari approved the loan facility of $1.2 billion to finance the mechanization of agriculture in the country. Nanono also said the planned mechanization of agriculture would span across 632 local governments.
“Today, we presented a joint memo with the Federal Ministry of Finance in which we seek the approval for a loan facility of about 950 million Euros translated probably to 1.2 billion dollars.“This loan is for the purpose of agricultural mechanization in this country –that will cover about 632 local governments plus 140 processing plants.
“This is going to be a major revolution in the agriculture sector, that we have never seen before,’’ he said.