The Nigerian Senate has approved the establishment of the National Agricultural Development Fund to provide financial support for strategic aspects of agricultural development in the country.
The development further attests to the government’s commitment to making agriculture the mainstay of the Nigerian economy by enacting laws that will provide sustainable financing for agriculture.
The Senate on Wednesday considered and passed for third reading a bill that seeks to establish the development fund.
The bill titled “National Agricultural Development Fund (Establishment) Bill, 2021” was presented by the Chairman, Senate Committee on Agriculture and Rural Development, Senator Abdullahi Adamu.
Adamu during the presentation said that the purpose of the fund was to provide financial support for strategic aspects of the agricultural development of Nigeria.
The bill will also promote and provide financial resources to support agriculture development in the country to ensure food production and food security, the Chairman added.
In his presentation, he noted that the major bane of the agricultural sector in Nigeria and Sub-Saharan Africa was inadequate funding.
“To date, Nigeria is yet to fully implement the 2003 Maputo declaration on Agriculture requiring states, parties to allocate ten percent of its national budget for agricultural development.
“If this was done, agriculture research and development, food production and food security would have witnessed a major leap,” Adamu added.
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