Nigerian President, General Mohammadu Buhari, retired, has signed the National Assembly (NA) bill seeking the establishment of National Agricultural Development Fund (NADF) into an Act, reports ITREALMS.
The establishment of NADF, ITREALMS gathered, has now been legally backed by a law to take off with constituted governing board members to be headed by a chairman, and an Executive Secretary.
Also, ITREALMS gathered that part of the way the new establishment will be funded by law includes derivation from 0.5 per cent of natural development resources fund cum 5 per cent of the duty levied on import rice, wheat, sugar, milk, poultry and fish.
Equally, ITREALMS gathered that the Federal, State and Local Government of the federation are to give take off grant, special intervention fund as such money must be appropriated to meet the object the Act establishing NADF by the National Assembly in the budget.
The NADF governing board shall consist of the chairman, and representative from federal Ministries of finance, budget, planning, and Federal Ministry of Agriculture and Rural Development (FMARD) with others from Federal Inland Revenue Service, All Farmers Association of Nigeria (AFAN) Livestock, Fisheries and Poultry Association, National Food Reserve Agency, Bankers Association of Nigeria, Agricultural Research Council of Nigeria, Federal Ministry for Science and Technology and one person from each of the six geo-political zone in a ration among the states.
ITREALMS recalled that on Wednesday, 27th July 2022 that the upper and lower houses of the National Assembly had approved the establishment of the National Agricultural Development Fund as financial intervention institution to support strategic aspect of the sector’s development towards meeting up with the inadequate funding of agriculture as prescribed by 2003 Muputo declaration asking Government to allocate 10 per cent of its national budget to agriculture.
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