News in brief:
-Â The Nigerian Senate, led by Senator Salihu Mustapha, has called on the executive to allocate a minimum of 10% of the annual budget revenue to agricultural production.
– He expressed concerns about the sector’s challenges despite its substantial contribution to the GDP and emphasised its potential to alleviate poverty and ensure food security.
The Nigerian Senate has urged the executive to allocate at least 10% of the total annual budget revenue to agricultural production.
This call was made by Senator Salihu Mustapha, Chairman of the Senate Committee on Agriculture Production, Services, and Rural Development, during the joint budget defense session of the Ministry of Agriculture and Food Security.
Senator Mustapha expressed concerns about the challenges facing the agricultural sector, despite its significant contribution to the country’s Gross Domestic Product (GDP), which was over 29% in the third quarter of 2023.
He highlighted inadequate funding as a major obstacle, pointing out the discrepancy between the recent allocation and the 10% commitment made by African leaders in the 2023 Maputo declaration.
Mustapha added that the agricultural sector has the potential to lift millions of Nigerians out of poverty and ensure food security. Subsequently, he said the sector deserves top priority in the national economic policies as well as future budgets.
Furthermore, he urged the executive arm of government to demonstrate the political will to allocate enough of the budget towards agriculture.
In addition, the senator emphasised the importance and urgency of the ongoing budget defense process. He noted the commitment of both chambers of the National Assembly to pass the 2024 budget in a timely manner.
Senator Mustapha also commended President Bola Tinubu and the executive for their effort to revert to the January-December budget cycle, believing it will benefit both public and private sectors.
