The Senate on Wednesday passed a bill seeking to establish the National Agricultural Development Fund.
The passage of the bill followed consideration of the report of the Senate Committee on Agriculture and Rural Development.
Presenting the report, Chairman of the Committee, Senator Abdullahi Adamu (APC, Nasarawa West), defined that the aim for the establishment of the Fund is to offer finance to assist the strategic aspect of Agricultural Growth in Nigeria.
He noticed that to date, Nigeria is yet to completely implement the 2003 MAPUTO Declaration on Agriculture requiring States Parties to allocate 10 per cent of its National budget to Agricultural Improvement.
“If this was completed, Agricultural Analysis and Improvement, Food Production and Food Security would have witnessed a major leap,” Adamu stated.
Read Also: NIRSAL Facilitates N148bn Financing to Agric Sector
According to the lawmaker, the Fund is empowered to provide emergency support funding for Agricultural management access to finance trans-boundary animal disease outbreak, in addition, to help service via microfinance and collaborate with development partners to support food security and agricultural modernization.
Adamu explained further that the Fund addresses key binding constraints to finish the transition from subsistence farming to modern Agriculture able to producing inclusive development and economic diversification.
Accordingly, the Senate adopted the Committee’s recommendations in Clauses 1, 3-6, 8-9, 12-21, 23 and 25.
The higher chamber, however, carried out amendments to the Committee’s recommendations in Clauses 2, 7, 10-11, 22 and 24.