FEC Approves $1.2bn Loan Facility For Mechanized Farming

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From: Bamidele Fashube, Abuja

The Federal Executive Council (FEC) has approved a $1.2 billion loan facility to support mechanised farming in the country.

The Minister of Agriculture and Rural Development, Mr Sabo Nanono, made the disclosure while briefing State House correspondents after the virtual FEC meeting presided over by the President, Major General Muhammadu Buhari (retd.), on Wednesday at the Presidential Villa, Abuja.

According to him, the planned mechanisation of agriculture would span across 632 local governments and 140 processing plants.

His words:“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.”

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