Business
FG Reviews N200bn Agric Fund Modalities
Following a barrage of criticisms by stakeholders on the conditions attached to the disbursement of the N200 billion agricultural development fund, Federal Government has expressed its readiness to review the modalities for disbursing the fund, with a view to making it responsive to emerging challenges.
The Acting President of All Farmers Association of Nigeria (AFAN), gave the hint after the executive committee meeting of the association in Abuja.
While lauding the presidential initiative, Adamu disclosed that some stakeholders in the financial sector had also requested for the involvement of more banks to manage the fund, to complement the two banks chosen by government.
In the same vein, he criticized government initial sharing formula of 60 per cent to large-scale commercial farmers and 40 per cent to peasant farmers, describing it as equitable.
The decision to review the sharing formula was sequel to series of complaints from stakeholders in the agricultural sector who observed that the modalities were unfavourable to them.
Meanwhile, the members of the National Executive Council (NEC), at a meeting held Wednesday, April 22, 2009, were tasked to come up with inputs to the new guideline, with a view to achieving its set objectives.