FG seeks fresh $1.2bn loan from Brazil

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The Federal Government is seeking a $1.2bn from Brazil to finance agricultural programmes and address issues in the agriculture value chain in the 2021 budget.

This was disclosed by the Minister of Finance, Budget and National Planning, Zainab Ahmed when she appeared before the House of Representatives Committee on Finance to defend the budget proposed by her ministry on Tuesday.

Ahmed said a request for approval has been transmitted to the National Assembly.

After appearing before the Senate Committee on Local and Foreign Debts also said Nigeria’s total public debt may hit N38.68 trillion by December 2021.

In her presentation, Ahmed said the total public debt stock comprising the external and home debts of the federal and state governments and the Federal Capital Territory stood at N31.01 trillion as at 30th June.

Her comments come amidst growing concerns over Nigeria’s debt stock and as the nation plans to fund the 2021 budget deficit with N4.28 trillion new borrowings which represents about one-third of the proposed budget.

She further stated Nigeria’s debt is projected based on existing approval to rise to N32.51tn by 31st December 2020 and N38.68tn by 31st December 2021.




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