Commodities Association hails President Muhammadu Buhari’s intervention over National Agricultural Development Fund

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The forum for Agricultural Commodities Association has commended President Muhammadu Buhari’s intervention for signing the national agricultural development fund bill into law. This was contained in a statement by the Chairman of the forum for Agricultural Commodities Association, Alhaji Sadiq Daware made available to the media. He said with the signing of the NADF bill, President Muhammadu Buhari has shown commitment to the plight of Nigerian farmers.

As Part of the way the new NADF will be funded by law includes derivation from 0.5% of the natural development resources fund  and  5% of the duty levied on import rice, wheat, sugar, milk, poultry and fish. Daware also added that, the forum appreciates the role the national Assembly played in the passage of the bill which they described as the bedrock for farmers. However, the chairman said with NADF, farmers and indeed all commodity associations would have access to financial interventions without the bureaucracy being experienced with the banking system, He said this intervention alone is a landmark achievement under the administration of President Muhammadu Buhari and a legacy which farmers would never forget or take for granted.

President Muhammadu Buhari signed the bill seeking the establishment of National Agricultural Development Fund (NADF) into an Act which is contained in an official gazette of the Federal Republic of Nigeria published in October 30, 2022, with Number 192 and volume 109 that was certified by the clerk of the two houses With the presidential approval, the setting up of NADF has now legal backing to commence operation as attested to by the Minister of Agriculture and Rural development, Dr mahmood  Abubakar during the ministry scorecard on Monday in Abuja. 

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 requirements of 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), Science and technology with others from Federal Inland Revenue Service, Farmers representative and major stakeholders in the agricultural sector.

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