FEC approves $1.2bn loan for agric mechanisation

By:Okoi Ubi

16th May, 2020

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.

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“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.