The Japanese International Cooperation Agency has reportedly given the federal government ¥15 billion to help the country’s National Agricultural Scheme project.
This was disclosed on Monday following the federal executive council meeting, which was chaired by President Bola Tinubu at the presidential villa. Wale Edun is the minister of finance and the coordinating minister of the economy. Eyes Of Lagos reports,
According to Edun, the provision is on a bilateral support that won’t put any financial hardship on Nigeria. He also revealed that the support is for three months and will be on a 30-year moratorium with a 10-year percent interest rate.
“And the National Agricultural Growth Scheme project received backing from the Japanese International Cooperation Agency for agriculture. This project effectively provides the agricultural sector with approximately 15 billion yen and a three-month, thirty-year, or ten-year interest rate moratorium.
Thus, it’s the kind of bilateral assistance that doesn’t financially burden Nigeria; naturally, it boosts the agricultural industry.
Edun went on to say that he told the council meeting that President Tinubu had approved a request to form an economic management task force. This group will carry out significant initiatives to develop the Nigerian economy, boost output, and generate jobs that will help alleviate poverty.
He continued by saying that the task force, which consists of the private sector, subnationals, members of the Nigerian Governors Forum, and a few members of the economic management team, will work for the next six months to address important fiscal and monetary policy issues while guaranteeing real sector growth.
The minister added that the economic management team, EMT Task Force, will be operational over the next six months and report directly to the President while initiatives aimed at growing the economy will be rolled out.
“That is the mandate and commitment of Mr. President ,So currently, we do have the economic management team and of course their work feeds into the Federal Executive Council, National Economic Council and, and even the Presidential economic Coordination Council, which is the highest body for economic coordination, chaired by Mr. President himself. And with the vice president as his vice chairman of that council.
“So beyond that there is now instead of just the economic management team, an economic management team task force and for the next six months that task force made up of selected members of the economic management team, the private sector, as well as the sub nationals as well as the Nigerian governors forum who will work assiduously to ensure that having dealt with major issues of monetary and fiscal policy, that there are real sector growth is assured companies are helped through these difficult times with fiscal incentives and other measures to ensure the survival of companies both the large scale ones as well as the medium and small scale”.
The Minister also made known that the Nigerian government has officially ratified its membership of the European Bank for Reconstruction and Development EBRD, through preliminary approval, he said this will further enable the country to use infrastructure as a multiplier to grow the nation’s economy.
