The Federal Executive Council (FEC) has approved a loan facility of $1.2 billion to finance the mechanisation of agriculture in the country.
has approved a loan facility of $1.2 billion to finance the mechanisation of agriculture in the country.
“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 is the first time in four years that NPA is buying any vehicle and that is why the council said fine. Contributing, Information Minister Lai Mohammed said that the critical power evacuation served not just Taraba and Benue but the entire North East.“It is better for us to get this additional funds so that we evacuate it and then of course, 40 megawatts power will do a lot to improve the lives of many Nigerians,’’ he said.Mr Nanono’s office Wednesday evening released a statement detailing his speech after the FEC meeting.
“It is going to be a competitive bid that will involve selection in terms of your experience in agriculture, your finance position, your investment of between N10 to N70 million. Because you may probably be handed an asset of over N150 million, so we will not take that chance,” he said, adding that the loan will be generated by these service centres which will also be in charge of repayment of the loans.
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