Business

FG Approves N3.6bn For Agric Mechanisation

Published

12 years ago

February 17, 2014

The Federal Government
has approved N3.6 billion to support the establishment of Agricultural Equipment Hiring Enterprise (AEHE) nationwide, Agric Minister Akinwunmi Adesina, said.
He said this recently at an interactive session with mechanisation intervention partners in Abuja.
Adesina, who was represented by the Permanent Secretary in the ministry, Mrs Ibukun Odusote, said mechanisation in an agrarian country like Nigeria must be taken very seriously.
The minister said that the initiative would enable the country to attain the desired height of putting agriculture at the fore front of the economy.
“To kick-start the implementation of this framework, I approved an intervention scheme to serve as a pilot with N3.6 billion released by the Federal Ministry of Agriculture and Rural Development towards financing the establishment of the Agricultural Equipment Hiring Enterprise (AEHE).
“The funds in the first phase will make available 400 units of tractors, 500 power tillers, and various harvest and post harvest equipment to set up 80 centres.’’
Adesina said government was aware of the challenges that had bedevilled the mechanisation sector in the past years, in spite of past efforts to subsidise the cost of tractors at 45 per cent.
He said that the small scale farmers that produced 80 per cent of the nation’s food had very little or no access to these subsidised machinery.
Adesina said the second phase would achieve similar results like the first but that the third phase would acquire 250 tractors through the partnership programme.
He predicted that at the end of the first, second and third phases, the intervention scheme would bring in 1050 units of tractors, 1500 power tillers and 2400 units of various harvest and post-equipment such as rice reapers, grain threshers and cassava peelers.
Adesina said also that about 210 units of the equipment would be located in demand driven locations nationwide.
He said that the intervention would also create 6,090 direct jobs, mechanise a minimum of 488,250 hectares of land.
Adesina said that the AEHEs would be run by the private sector, adding that the Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) would cover the programme.
In her remarks, Odusote, who was represented by a Director in the minister’s office, Dr Damilola Eniaiyeju, said the success of the Agricultural Transformation Agenda (ATA) depended on mechanisation.
She said in spite of government’s efforts to mechanise agriculture over the years, it was still at 0.027 horse power per hectare.
Odusote said the dismal state of mechanisation had led to the formation of advisory committee saddled with the responsibility of producing a workable mechanisation frame work to support the agricultural transformation agenda.
She said for a start, government was clearing 6,400 hectares of land nationwide for cassava production, adding that farmers through the Growth Enhancement Support (GES) scheme would access effective tractor services and enable them own their tractors.
Mr Thomas Atsu, who spoke on behalf of the lead-accredited vendor/manufacturers’ representatives, expressed satisfaction with government mechanisation programme.
He said tractor vendors were happy with the programme and urged the banking sector to help finance vendors and farmers to achieved mechanisation.
On his part, the Managing Director, Bank of Agriculture, Dr Mohammed Santuraki, said the bank was known for its positive investments.
He applauded the minister for the intervention, adding that the major challenge facing agriculture in Africa was mechanisation.
Santuraki expressed the determination of the bank to support for the programme, saying ‘’only through mechanisation will agriculture be transformed from a development programme to a business’’.
Highlight of the event was the signing of performance agreement between the ministry and the accredited vendors, manufacturers and representatives.

Business

Boat Mishap Kills Pastor, Wife And Church Members In Brass Water

Published

1 day ago

May 18, 2026

The Tide

A boat accident in Bayelsa state has killed a serving Pastor, Wife and other church members along Brass waterways

The sad incident happened at Odioama in Brass local government area of Bayelsa State when the Pastor, wife and members of his church were in a programme.

?Tide confirmed that the lifeless body of the Pastor’s wife has been found and deposited in a mortuary while the remains of her husband ,the Pastor is yet to be recovered

as search party are still ongoing.

Although the real cause of the boat Mishap is not yet known as at the time of this report, our Correspondent gathered that the identities of the Pastor, wife and church members were not disclosed to the public.

The mishap, Tide gathered occurred on Friday morning when the church members were on a boat transit

The Bayelsa State government and the state police command are yet to issue official statement’s on the sad accident

By: CHINEDU WOSU

Business

Rivers Workers Seek Scrapping Of Contributory Pension Scheme

Published

1 day ago

May 18, 2026

The Tide

The Rivers State Council of Nigeria Civil Service Union has called on the State Government to urgently scrap the contributory pension scheme, describing it as unfavourable to long-serving civil servants in the state.

Chairman of the union, Chukwuka Osuma, said this in an interview with newsmen in Port Harcourt, recently.

Osuma said the current pension structure has continued to worsen post-retirement hardship for workers.

He noted that the contributory pension scheme had failed to provide adequate retirement security for workers who had spent many years in service, especially those approaching retirement age.

According to him, civil servants who had served for more than 20 years were among the worst affected under the scheme, insisting that many retirees could no longer cope with prevailing economic realities.

He also informed that the Union has made moves to showcase their concerns, pleading with Governor Siminalayi Fubara to abolish the pension policy and introduce a more favourable arrangement for affected workers.

“The union was not opposed to pension reforms, the contributory scheme should only apply to newly employed workers or those with fewer years in service”, he said.

Osuma explained that workers who had already spent decades in the civil service ought to remain under a more secure pension structure capable of guaranteeing stability after retirement.

The labour leader further noted that inflation and the rising cost of living had continued to erode the value of retirement savings, thereby increasing the suffering of pensioners across the country.

He also appealed to the state government to consider extending the years of service in the civil service from 35 to 40 years and the retirement age from 60 to 65 years.

Osuma argued that such adjustment had become necessary in view of present-day economic realities and changing conditions in the workplace.

The unionist also reviewed that similar policies had already been adopted in some sectors and jurisdictions, expressing optimism that the State could also implement the reforms for the benefit of workers.

He however, commended Governor Fubara for approving an N85,000 minimum wage for workers in the state, noting that the amount was above the national benchmark of N70,000.

Osuma also acknowledged the government’s efforts in the area of workers’ promotions and bonuses, but insisted that pension reforms and extension of years of service remained critical to the long-term welfare and stability of civil servants in Rivers State.

By: King Onunwor

Business

FG Begins South-West Tour To Promote New Cooperative Bank

Published

6 days ago

May 13, 2026

The Tide

The Federal Government has launched the South-West zonal engagement and ministerial advocacy tour on the Cooperative Bank of Nigeria share capital mobilisation, sensitisation and cooperative sector digitalisation.

Reports say the initiative was launched through the Federal Ministry of Agriculture and Food Security.

According to reports, the advocacy tour, organised by the ministry’s Federal Department of Cooperatives, began on Monday in Lagos.

Speaking at the event, the Minister of State for Agriculture and Food Security and Supervising Minister of Cooperative Affairs, Dr Aliyu Abdullahi, said the initiative was part of President Bola Ahmed Tinubu’s Renewed Hope Agenda.

Abdullahi described the exercise as a strategic effort to reposition the cooperative sector as a key driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity.

“Today represents a defining moment in our collective determination to reposition the cooperative sector as a major driver of inclusive economic growth, financial inclusion, enterprise development, food security and national prosperity,” he said.

The minister noted the modern cooperative movement in Nigeria originated in the South-West following the 1934 Strickland Report, which led to the enactment of the Cooperative Societies Ordinance of 1935.

According to him, the decision to commence the sensitisation and share capital mobilisation tour in the region is symbolic, as it marks a return to the roots of cooperative development in the country.

Abdullahi said the advocacy tour was a direct outcome of resolutions reached at the 8th Regular Meeting of the National Council on Cooperative Affairs held in Abuja in March 2026.

He said the council approved the Renewed Hope Cooperative Reform and Revamp Programme, a comprehensive framework designed to strengthen the cooperative sector and align it with the administration’s goal of building a one-trillion-dollar economy.

“The reform programme focuses on seven strategic pillars, including governance reforms, cooperative financing and the establishment of the Cooperative Bank of Nigeria, digitalisation, capacity building, value chain development, inclusion of youths, women and persons with disabilities, and strategic partnerships,” he said.

He said the establishment of the Cooperative Bank of Nigeria and the digitalisation of the cooperative sector were the two major transformational initiatives under the programme.

“The Cooperative Bank of Nigeria is aimed at rebuilding a strong cooperative financial system capable of supporting cooperators, farmers, artisans, traders, SMEs, youths, women and persons with disabilities with accessible and affordable financial services,” he said.

Abdullahi emphasised that the proposed bank would be government-enabled but not government-funded.

“Government is not establishing the bank as an owner, nor will it rely on Treasury Single Account funds.

“The role of government through the FMAFS is to provide policy support, stakeholder coordination, regulatory facilitation and an enabling environment under the Renewed Hope Cooperative Reform and Revamp Programme,” he said.

Also speaking, the Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs Folashade Ambrose-Medebem, reaffirmed the state government’s commitment to cooperative sector transformation.

She described cooperatives as critical tools for promoting inclusive growth, grassroots productivity, food security, financial inclusion and community wealth creation.

Ambrose-Medebem said Lagos State would continue to support reforms and collaborate with stakeholders to ensure the successful implementation of the Renewed Hope Cooperative Reform and Revamp Programme (2025–2030).

“Together, let us build a cooperative ecosystem that is modern, transparent, digitally enabled, financially inclusive and globally competitive.

“Let us build cooperatives that not only mobilise savings, but also mobilise prosperity,” she said.