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The Forum for Agricultural commodities Association presidents has commended President Muhammadu Buhari for signing the National Agricultural Development Fund (NADF) bill into law.
The forum also commended the National Assembly for the passage of the bill which they described as the bedrock for farmers.
A statement by the Chairman of the Forum for Agricultural Commodities Association Presidents, Alhaji Sadiq Daware said with the signing of the NADF bill, President Muhammadu Buhari has shown commitment to the plight of Nigerian farmers
Daware said with the 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 Mohammadu Buhari signed the bill seeking the establishment of the National Agricultural Development Fund (NADF) into an Act which contained in an official gazette of the Federal Republic of Nigeria published on 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 no legal backing to commence operation as attested to by the Minister of Agriculture and Rural Development, Dr Mohammad Abubakar during the Ministry’s scorecard presentation on Monday in Abuja.
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 the import of rice, wheat, sugar, milk, poultry and fish.
The Federal, State and Local Government of the federation are to give take-off grants, and special intervention funds 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 a representative from the Federal Ministries of finance, budget, planning, and Federal Ministry of Agriculture and Rural Development (FMARD), Science and technology with others from the Federal Inland Revenue Service, Farmers representative and major stakeholders in the agricultural sector.
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