Wednesday, 23 April 2014

Federal Government To Borrow One Hundred And Fifty Million Dollars From ADB

The Federal Executive Council has approved a loan of one hundred and fifty two million dollars from the African Development Bank to develop Nigeria’s agriculture sector.

The Minister of Agriculture, Doctor Akinwunmi Adesina told newsmen at the end of the weekly meeting of the council in Abuja said the loan which attracts one point five percent interest rate is repayable in twenty two years.

He said the loan would be used to develop infrastructure such as water, roads and power in rural areas as well as the development of Staple Crop Processing Zones across the country.

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