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April 14, 2024

FG Receives ¥15b Loan from Japan for Agricultural Intervention Projects

The Federal Government of Nigeria has announced the receipt of ¥15 billion from the Japanese International Cooperation Agency (JICA) to support the nation’s National Agricultural Growth Scheme Project. 

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this revelation after a Federal Executive Council meeting chaired by President Bola Tinubu in Abuja.

Edun described the intervention as essentially “free money,” as it comes with favorable terms: a 30-year repayment period, including a 10-year moratorium, at a nominal interest rate of one percent. 

He emphasized that this bilateral support from Japan will not strain Nigeria financially but will significantly benefit the agricultural sector by providing much-needed funding.

However, Edun informed the council of President Tinubu’s approval to establish an Economic Management Team Task Force tasked with implementing major measures aimed at growing the Nigerian economy, increasing production, and creating jobs to alleviate poverty. 

“Over the next six months, this task force, comprising selected members of the Economic Management Team, private sector representatives, and the Nigerian Governors Forum, will address key issues related to monetary and fiscal policies to ensure real sector growth.” He added. 

Furthermore, Edun announced Nigeria’s official ratification of membership in the European Bank for Reconstruction and Development (EBRD), fulfilling a commitment made by President Tinubu in June. This membership will enable Nigeria to leverage infrastructure investments to stimulate economic growth and reduce logistical costs associated with transportation and infrastructure.

Regarding the federal government’s legal case against cryptocurrency firm Binance, Dr. Zacch Adedeji, Chairman of the Federal Inland Revenue Service (FIRS), assured that the company’s legal obligations cannot be evaded despite the circumstances surrounding the fleeing of one of its Executive Directors, Nadeem Anjarwalla. 

Adedeji emphasized that the government deals with organizations, not individuals, and will enforce compliance with legal requirements to ensure accountability and prevent money laundering.

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