Senate moves to establish National Agricultural Development Fund

*** As Bill Scales Second Reading in the SenateABUJA- MOVES by the Senate to establish the National Agricultural Development Fund to provide finance to support strategic aspect of agricultural development in Nigeria.

The Bill which scaled second reading at Plenary was referred by the President of the Senate, Senator Ahmad Lawan to the Senator Abdullahi Adamu led Senate Committee on Agriculture and Rural Development to report back in four weeks. “The Bill makes provisions for how the Funds will be raised. Section 11 of the Bill adequately stipulates that the Funds shall include take-off grants provided by the Federal Government; 0.5% of the Natural Resources Development Fund; 5% of profit after tax of each commercial bank in Nigeria; 5% of the Petroleum Profit Tax; 50% of the duty levied on imported rice, wheat, sugar and milk .

“The current contribution of the agricultural sector to the nation’s Gross Domestic Product stands at 15-20% with the potential for improvement through the implementation and sustenance of appropriate intervention programmes, policies and enabling laws. In spite of the policies and enabling Laws, the utilisation of arable land in the country is only 40% and agriculture remains largely subsistence with minimal value addition.

“It is expected that this Fund will complement other funding development opportunities at international and regional levels. At the international level, for instance, the International Fund for Agricultural Development being a specialised agency of the United Nations and an International Financial Institution is established to mobilise resources for agriculture and rural development in developing countries.

Source: News Formal (newsformal.com)

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