The forum for Agricultural commodities Association presidents has lauded president Muhammadu Buhari for signing the National Agricultural Development Fund (NADF) bill into law.
The forum also commended the national Assembly for the speedy passage of the bill which they described as the bedrock for farmers.
In a statement by the Chairman of the forum for Agricultural commodities association presidents, Alhaji Sadiq Daware said with the signing of the NADF bill, farmers and all commodity associations would have access to financial interventions without the bureaucracy being experienced with the banking system.
Daware added that president Buhari had shown commitment to the plight of Nigerian farmers with the signing of the NADF bill
He said the intervention alone is a landmark achievement under the administration of president Buhari and a legacy which farmers would never forget or take for granted.
President Muhammadu Buhari signed the bill seeking the establishment of 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.
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With the presidential approval, the setting up of NADF has now legal backing to commence operation as attested to by the minister of Agriculture and Rural development,Dr mamood Abubakar during the ministry scorecard 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 import rice, wheat, sugar, milk, poultry and fish.
The Federal, State and Local Government of the federation are to give take off grants, 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 representative from federal Ministries of finance, budget, planning, and Federal Ministry of Agriculture and Rural Development (FMARD), Science and technology with others from Federal Inland Revenue Service, Farmers representative and major stakeholders in the agricultural sector.