The Federal Executive Council has approved a loan facility of $1.2 billion to finance the mechanisation of agriculture in the country.

The Minister of Agriculture and Rural Development, Mr Sabo Nanono, said this on Wednesday while briefing State House correspondents after the virtual FEC meeting anchored from the Council Chamber of the Presidential Villa, Abuja.

The virtual meeting was presided over by the President, Major General Muhammadu Buhari (retd.).

Nanono said the planned mechanisation 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 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,’’ he said.


On his part, the Minister of Transportation, Mr Rotimi Amaechi, said the council approved a memo for the award of contract in the sum N683 million for the purchase of 19 vehicles for Nigeria Ports Authority.

“This is the first time in four years that NPA is buying any vehicle.

“These are operational vehicles; they are not for management staff; they are all Toyota vehicles,’’ he said.

NAN

DonFreshmoney:
More money to embezzle... trust Naija politicians at your own risk

spinna:
good..if it will be truly used for that

Susu888:
They will soon be here to wail about the loan while if we don't take the loan we might have a famine on our hands which they will say na lack of action.

Now that the action is being taken them go dey tlk.
Some nigerians nd Hypocrisy sha!

U.N predicts famine after this virus is over so bubu dey try avoid it by providing for farmers... a thread about this thing was opened last week. Paddy seeds where being shared to enhance agricultural products for us to avoid this incoming starvation.

People just tlk with sentiments,criticizing reasonable nd good ideas as if evrything is a joke.

Susu888:
They will soon be here to wail about the loan while if we don't take the loan we might have a famine on our hands which they will say na lack of action.

Now that the action is being taken them go dey tlk.
Some nigerians nd Hypocrisy sha!

U.N predicts famine after this virus is over so bubu dey try avoid it by providing for farmers... a thread about this thing was opened last week. Paddy seeds where being shared to enhance agricultural products for us to avoid this incoming starvation.

People just tlk with sentiments,criticizing reasonable nd good ideas as if evrything is a joke.

MasterKernel:



You're borrowing to feed kids in their various homes at N650 million daily in a time like this when there's social distancing. How do you reach out to these kids in times like this? But couldn't give the parents palliatives to aid the suffering of the people.

Susu888:


* See what i mean?? Sentiments!!
We are discussing agricultural loan you are tlking school feeding program. I ain't a fan of the program that's one ,two its not just evrything i applaud or criticize because i feel sentimental about it.

* when did the FG say it has started the feeding? They said it will resume... they are currently figuring out a new approach like sharing the food items to the parents (a thread was opened about it yesterday) after many experts offered ideas on why vouchers won't work nd will go against social distancing e.t.c .... that's why i keep telling you people to read ! Read goddamit!

Stay updated nd stop bringing unconfirmed beer parlor gists.

Rem22:
It's for the good of local farmers and the agricultural sector as a whole. This is part of the diversification process and i think it's a good step in the right direction

junketer:
Nigerians will never learn or rather some nigerians like you have refused to learn. All the other loans buhari has collected for one project or the other have you seen the projects or the money? They collect the loan but you don't see or feel what they have used the loan for but you don't hold them accountable. Then they say apply for another loan and you will applaud them. When will you people learn? Come 2023 our agric sector will still be in shambles and people like you will still not have learned.