“The NADF will be funded with 0.5% derivation from natural development resources fund and 5% of the duty levied on import rice, wheat, sugar, milk, poultry and fish”
President Muhammadu Buhari has signed the National Agricultural Development Fund (NADF) bill into law.
This is contained in an official gazette Number 192 and volume 109 of the Federal Republic of Nigeria published in October 30, 2022 and certified by the clerk of the National Assembly (NASS), Mr. O.A Ojo.
The NADF will be funded with 0.5% derivation from natural development resources fund and 5% of the duty levied on import rice, wheat, sugar, milk, poultry and fish.
More so, the federal, states and local governments will provide take-off grants, special intervention fund while funds will be appropriated in the budget to meet the object of the Act establishing NADF by the National Assembly (NASS).
According to the gazette, 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.
ASHENEWS recalls that NASS approved the establishment of the National Agricultural Development Fund as financial intervention institution on 27th July 2022, 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% of its national budget to Agriculture.
