Outrage as Nigeria Seeks $1.2bn Loan from Brazil

By Modupe Gbadeyanka

The plan by the federal government to obtain a $1.2 billion loan from Brazil is not okay with many Nigerians, who have voiced out their frustration about it.

The Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, informed members of the parliament in Abuja on Tuesday that the credit facility is aimed to boost the country’s agriculture value chain.

The Minister, who appeared before the House of Representatives Committee on Finance headed by Mr James Faleke to defend the budget for her ministry, disclosed that a request has been sent to the National Assembly to approve the Brazilian loan.

According to her, the $1.2 billion loan would be used to acquire 100,000 hectares of land in each state of the federation for the cultivation of food crops.

She said in addition, part of the funds would be used to construct link roads to the land to aid the easy movement of farm produce to the markets by the farmers. The Minister stressed that these are plans of the present administration to ensure food security in the country, especially at a time the world is battling with a pandemic.

“I request for the approval for the loan that we call the Green Imperative Programme which is for a loan of $1.2 billion from the Brazilian government.

“It is a programme that is addressing the whole of the agricultural value chain from mechanisation, production, processing and selling. It is meant to lend to businessmen for tractors, plants at all levels,” Mrs Ahmed informed the lawmakers of the lower chamber of the parliament.

But some Nigerians who have reacted to this issue questioned why Nigeria is seeking a loan from its contemporary.

The government of President Muhammadu Buhari has been heavily criticised for having a penchant for borrowing.

“Don’t worry, you’ll soon borrow from Ghana or Togo,” a social media user on Twitter with the name Kunle Roy (@_kunleroy) wrote.

Another Twitter user with the name Segun Taiwo (@tayesegun30) said, “U people should at least sold us so we can know we are under colonization again. Stupid people. U we still borrow from Niger, Togo and Zimbabwe.”

“Very soon, Buhari government will seek loan from Burkina faso, Benin Republic, Togo or even Niger Republic, if we are not careful with this borrow borrow and bambiala government,” another with the name Uncle Ajala (@UNCLE_AJALA) said.