Reps Targets N300bn For Farmers With Trust Fund Bill

The House of Representatives has passed for second reading, a bill seeking to establish an Agricultural Development Trust Fund to empower farmers in Nigeria.

The legislation is titled, ‘A Bill for an Act to Provide for Establishment and Composition of Agricultural Development Trust Fund (ADETFUND); and for Related Matters.’

According to the Sponsor of the bill, Ademorin Kuye, the Fund is to give grants to agricultural units directly, with emphasis on financing farm units and to procure equipment for onward transmission to agricultural units in a subsidy arrangement.

Kuye also mentioned that the Fund is to be financed with a one percent “surcharge on all revenue of the Federal Government revenue generation agencies such as the Federal Inland Revenue Service, the Nigeria Customs Service, Nigerian Ports Authority, etc.

“Item 3 above will conveniently generate at least N300bn annually,” the lawmaker stated.

The sponsor stated that the Fund would also finance crop research, agricultural extension, and training services.

Kuye added that the Fund will directly develop agriculture and procure equipment for land clearing, land development, earthmoving, drainage development, water drilling rigs, local and farm road building, specialized and non-specialized input.

It will also produce transport, specialized and non-specialized storage facilities, human transport, quarrying, cement batching, cement form plant, building construction, farm tractors, and implements, combine harvesters, other harvesters, planting and fertilizer, drilling irrigation systems, wood chipping and grinding.

“The Fund will organize farmers in the country into four types of cooperatives, namely farmers multipurpose (crop, livestock, etc.) processing, storage and produce marketing cooperatives for the direct benefit of the subsidy.

“When approved the bill will help us track effectively government spending in agriculture and provide measurable indices for growth and improvement,” he added.

The bill was supported by the Majority Leader, Alhassan Ado-Doguwa; Minority Leader, Ndudi Elumelu; Majority Whip, Mohammed Monguno, among others.