News in brief: President Muhammadu Buhari has appointed Mrs. Aduke Bamidele Hussain as the Chairman of the National Agricultural Development Fund (NADF). He made seven other appointments to the fund that aims to finance agricultural policies, support development, and enhance food security in Nigeria.
President Muhammadu Buhari has appointed Mrs. Aduke Bamidele Hussain as the Chairman of the National Agricultural Development Fund (NADF). The outgoing leader of Africa’s biggest nation also approved appointment of seven more people in the organisation, as his spokeperson, Garba Shehu, revealed.
Garzali Muhammed Abubakar will be the newExecutive Secretary while representatives joining include: Dr. Hussaini I. Mohammed for North Central, Mr. Mohammed Umar for North West, Mr. Abdulsalam Yahaya Ahmed for North East, Mrs. Stella Uzokwe for South East, Mr. Stephen Ikata for South-South, and Mr. Olufunlayo Oluwole Faloye for South West.
What is the National Agricultural Development Fund (NADF)?
Buhari had established the NADF in October 2022 after signing its bill. According to the Minister of Agriculture and Rural Development, Dr Mahmood Abubakar, the fund will be financed with 0.5% of natural development resources fund and 5% of duty levied on rice, wheat, sugar, milk, poultry and fish imports.
Abubakar had added that all levels of governments in the federation would give ‘take-off grants’ and ‘special intervention funds’ to the NADF.
The chairman oversees the governing board, with representatives from several federal ministries and agencies seated on it as well. For example, the Federal Ministry of Finance, Budget and National Planning; Federal Ministry of Agriculture and Rural Development; Federal Ministry of Science, Technology and Innovation; and Federal Inland Revenue Service all have representatives on the NADF board. Farmers representatives are also members of the fund’s board.
The idea behind creating the the National Agricultural Development Fund is to finance agricultural policies, support its development, and strengthen institutions that will make it work. NADF’s setup allows it work with microfinance banks, cooperative societies, organisations, farmer groups and institutions to provide funds for on-lending to farmers and corporate bodies.
The fund’s two core targets are increasing agricultural productivity and food security in Nigeria. It is one of the agricultural legacies that the Buhrai-led administration is leaving that also includes Anchor-Borrowers Programme (ABP), Presidential Fertiliser Initiative (PFI), Hand-in-Hand Initiative of the Food and Agricultural Organisation (FAO), and more.
