The 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 the Presidential Villa, Abuja.
The virtual meeting was presided over by President Muhammadu
Buhari.
Nanono said the planned mechanisation of agriculture would
span across 632 local governments, NAN reports.
“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.
Also speaking, the Minister of Power, Malam Sale Mamman,
said the ministry sought approval for the revised estimated total cost for the
augmentation of the subsisting contract in the sum N47.2 million.
He mentioned that the contract was for the provision of
additional critical power grid infrastructure for the full evacuation and
utilisation of 40mw currently from Kashimbila via Takum-Wukari and Yendev.
“This is to evacuate completely 40 megawatts to the National
Grid.
“If it is not evacuated, the Nigerian government will lose
not less than 130 megawatts of power which is equivalent to almost nine million
in a year,’’ he said.
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