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.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.“These are operational vehicles; they are not for management staff; they are all Toyota vehicles,’’ he said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
FEC headed by Buhari approves 1.2bn Euros loanThe Federal Executive Council (FEC) on a Wednesday approved a loan of 1.2 billion dollars to finance the mechanisation of agriculture in the country. Mr. Sabo Nanono, the Minister of Agriculture and Rural Development, made this known on Wednesday while briefing State House correspondents after the virtual FEC meeting anchored from the Council Chamber of
Read more »
Foreign reserves gain $1.22bn in 11 days
Read more »
Buhari, ministers to hold first virtual FEC meeting Wednesday
Read more »
Buhari presides over virtual FEC meetingPresident Muhammadu Buhari on Wednesday chaired the maiden virtual meeting of the Federal Executive Council at the Council Chamber of the Presidential Villa, Abuja, where he ‘unveiled’ Ibrahim Gamb...
Read more »
Buhari presides over 'first ever' virtual FEC meetingPresident Muhammadu Buhari on Wednesday chaired the maiden virtual meeting of the Federal Executive Council (FEC) at the Council Chamber
Read more »
Buhari ‘unveils’ Gambari as new Chief of Staff, presides over virtual FEC meeting – Daily TrustPresident Muhammadu Buhari on Wednesday chaired the maiden virtual meeting of the Federal Executive Council (FEC) at the Council Chamber of the Presidential Villa, Abuja, where he ‘unveiled’ Ibrahim Gambari as his new Chief of Staff. The virtual meeting, first of it’s kind in the history of the Federal Executive Council, involved the Vice-President Yemi …
Read more »