The federal government has requested the National Assembly to approve its $1.2 billion agricultural financing loan application. Zainab Ahmed, minister of finance, budget and national planning, met with members of the house committee on finance to defend the ministry’s budget, where she presented the request on behalf of the Federal Government.
Nigeria’s total public debt stock, which comprises that of the three tiers of government, stood at N31.009 trillion at the end of June 2020.
Ahmed said the loan would be taken from the Brazilian government to provide funds for mechanised farming.
“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.”
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‘MAMBILLA POWER PROJECT OMITTED FROM 2021 BUDGET’
The 3,050-megawatt project estimated at $5.8 billion is the biggest plant in the country but has been stalled for many years owing to legal and funding crises.
In March, the federal government agreed to pay $200 million to Sunrise Power and Transmission Company Limited (SPTCL) as final settlement of the dispute over the Mambilla project.
Ahmed, however, told the House committee that the ministry of power did not include it in its budget proposal submitted to the finance ministry.
“They are now expected to make their budget within that ceiling. The ministry of power didn’t have Mambilla in their submission.
“We do not provide programmes that go into budget for ministries, departments and agencies.”
