Presidency okays N750 billion intervention fund for agriculture sector

The Federal Government has approved the sum of N750 billion as Agricultural Intervention Fund to ensure food sufficiency in tune with its diversification agenda.

Acting President, Yemi Osinbajo, disclosed this yesterday at the inauguration of the Senior Executive Course (SEC) 39 with the theme, “Science, Technology and Innovation for the Development of Agriculture and Agro-Allied Industries in Nigeria”, at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State.

Represented by the State Deputy Governor, Professor Sonni Tyoden, he restated the current administration’s commitment to revamping the agricultural sector through science, technology and innovation.

He noted with sadness that only 40 per cent of Nigeria’s over 84 hectares of arable land was being cultivated, adding that with a 180 million population figure, the nation’s internal market was big enough to support an optimum agricultural production and provide job opportunities for the citizens.

Osinbajo said the era of food importation to augment shortfall was gone, adding that until recently, the country was spending over N1.3 billion yearly on the exercise.