Nigeria’s Council of State Approves $1bn for Livestock, Agric Investments

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The Nigerian Council of State meeting, presided over by President Muhammadu Buhari, yesterday reviewed the funding of agriculture from $200 million to $1 billion to cater for livestock and farmers.

The funds, according to council, would be disbursed through the Anchor Borrower and Commercial Agricultural Crédit Scheme (CACS), driven by the Central Bank of Nigeria, to boost the diversification agenda of the current administration and food security, among others, the Guardian Newspaper revealed.

Briefing State House Correspondents after the meeting, Governor Ibikunle Amosun of Ogun State said council discussed plans and modalities on diversifying the economy and reviewed efforts being made to salvage the nation from recession, insecurity, among others.

“Council advised that we improve on the funding on agriculture. That the paltry sum of $200 million when compared to what is being pumped into the oil sector is insignificant.

“Council recommended that at least about $1 billion should be pumped into agriculture. Council also noted how Nigeria reviewed the budget by about N4 trillion to N8 trillion.”

 

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