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Nigeria: Govt Provides N10 Billion for Acquisition of Equipment for Rice Proce
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Leadership (Abuja)
16 May 2008
Posted to the web 16 May 2008
Grace Azubuike
The Federal Government has initiated plans to boost rice production as a short-term measure by providing N10 billion credit facility for the purchase of equipment for rice farmers which will attract a four per cent rate of interest and a repayment period of 15 years including a five-year moratorium.
This was disclosed by the minister of agriculture and water resources, Dr. Abba Sayyadi Ruma, when the House Committee members on agriculture paid him a familiarisation visit in Abuja.
According to him, the Federal Government is increasingly committed to the National Food Security, especially by approving the sum of N80 billion as agricultural development fund by President Umaru Musa Yar'Adua and that the fund is not for rice alone, but for agricultural development in the area of storage, processing and market infrastructure.
Ruma further stated that by revitalising the agricultural sector the government is making efforts to ensure that Nigeria is food secured, also that Nigeria has not been in a position to export rice therefore, government has decided to reduce the tariff on rice and all levies on rice imports for a period of six months ending on October 31st to cushion the effect of the rising cost of rice.
The minister hoped that the interaction with the house members will make them to have knowledge on the implementations of government policies towards food security.
Earlier, the chairman, house committee on agriculture, Hon. Gbenga Makonjuola said that agricultural sector is a critical sector and that the present administration focuses attention on it to ensure adequate food security to the citizens.
He added that the committee decided to partner with the ministry towards finding lasting solution to the food crisis with the hope of making input for the way forward.
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The chairman disclosed that the committee is planning a national summit on agric where all stakeholders will be invited especially the Nigerian practical farmers, where issues of fertilisers, silos, contracts, tractor procurement and Fadama projects will be discussed. He also assured that they will be partners in progress to move the sector forward.
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