FEC Approves $1.2bn Loan for Statewide Agric Mechanisation

The Federal Executive Council (FEC) has approved a loan facility of 1.2 billion dollars for the Federal Ministry of Agriculture and Rural Development.

The approval came after the the virtual FEC meeting presided over by President Muhammadu Buhari on Wednesday in Abuja.

The meeting, which was anchored from the Council Chamber of the Presidential Villa, Abuja, was in line with the Nigeria Centre for Disease Control (NCDC) protocol on physical distancing as Nigeria strives to contain the spread of the COVID-19 pandemic.

The loan, according to the Minister of Agriculture and Rural Development, Alhaji Mohammed Sabo Nanono, would serve to finance the mechanisation of agriculture in the country.

Nanono made the observation in a chat with State House correspondents after the meeting.

The Minister noted that the planned mechanisation of agriculture across the county would span across 632 local governments.

Nanono said, “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 mechanisation 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.”



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