NIGERIAN GOVERNMENT SEEKS A $1.2 BILLION LOAN FROM BRAZIL

The Federal Government of Nigeria is seeking a $1.2bn external borrowing from Brazil to finance agricultural programmes in the 2021 budget. A request for approval has also been transmitted to the National Assembly.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, who appeared before the House of Representatives Committee on Finance in Abuja on Tuesday to defend the budget proposed by her ministry, made this known.

Ahmed disclosed that the Federal Government sent a request to the National Assembly to approve the loan from the Brazilian government to address issues in the agriculture value chain as Nigeria.

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Apart from petroleum, Nigeria’s other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. The oil and gas sector accounts for about 10 per cent of gross domestic product, and petroleum exports revenue represents around 86 per cent of total exports revenue.

Did you know?

Conservationists say that Nigeria’s unique rainforest region is amongst the richest in Africa. The country is also home to numerous important game reserves, such as the Yankari and Kainji national parks.
Oil was first discovered in Oloibiri, in Nigeria’s Bayelsa State, in 1956.

Nigeria is the 12th largest producer of petroleum in the world and the 8th largest exporter, and has the 10th largest proven reserves.

According to the Oil & Gas Journal, Nigeria had an estimated 37.0 billion barrels of proved crude oil reserves by the end of 2019–the second–largest amount in Africa after Libya. … In 2019, Nigeria produced about 2.0 million b/d of petroleum and other liquids, of which 1.65 million b/d was crude oil.

Ohhh AFRICA 🤦🏻‍♂️.
Bad leaderships and corrupt institutions are wrecking Africa.

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