BEVERLY HILLS, March 24, (THEWILL) – The Senate has passed for third reading, a Bill which seeks to establish the National Agricultural Development Fund.
The report on 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 said the purpose of the fund is to provide financial support for strategic aspects of agricultural development of Nigeria.
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According to him, the Bill sought to promote and provide for finance to support agriculture development in the country in order to ensure food production and food security in Nigeria.
While noting that the major of agricultural sector in Nigeria and Sub-Saharan Africa was inadequate funding, Adamu said “Nigeria is yet to fully implement the 2003 Maputo declaration on Agriculture requiring states, parties to allocate ten per cent 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.”