- The funds aim to support local farmers and safeguard the agricultural sector
The federal government has disbursed N3 billion to each of the 36 states and the Federal Capital Territory to mitigate the impact of flooding during the 2024 rainy season.
The Ministry of Finance confirmed the release, stating that the funds aim to support local farmers and safeguard the agricultural sector.
According to the Ministry, this financial commitment demonstrates President Bola Ahmed Tinubu’s dedication to promoting local economic growth and enhancing disaster response efforts.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, highlighted this during his visit to Kebbi State, where he assured that the government is focused on strengthening economic alliances and addressing the flood-related challenges impacting agricultural productivity.
During the visit, Edun, alongside Kebbi State Governor Dr. Nasir Idris and Minister of Budget and Economic Planning Senator Atiku Bagudu, toured the WACOT Rice Limited facility in Argungu. The rice processing plant, with a milling capacity of 120,000 metric tons per year, supports thousands of local farmers and plays a critical role in the state’s agricultural economy.
The visit also included a tour of a rice farm currently threatened by ongoing floods. Edun emphasized the government’s proactive measures, which include the recent allocation of N3 billion to each state and the FCT through the National Economic Council (NEC). These funds are intended to combat and prepare for flooding while ensuring the resilience of the agricultural sector.
Edun commended the community’s resilience and stressed the importance of private sector investment to boost agricultural production. He reiterated President Tinubu’s commitment to enhancing security and increasing productivity across the country.
The government’s efforts, combined with private sector participation, are expected to strengthen agricultural resilience, improve productivity, and bolster Nigeria’s position as a leading global agricultural producer.