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New economy to be driven by additional 77,400 young farmers – NALDA

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The federal government through the newly resusitated National Agricultural Land Development Authority (NALDA) has revealed plan to raise about 77, 400 young farmers into Nigerian farming business across the nation in different farming activities ranging from crop farming to animal husbandry.


The newly appointed Executive Secretary of NALDA Prince Paul Ikonne, said this Monday in Abuja at the maiden press briefing since President Muhammadu Buhari brought the agency back.

NALDA was created by General Ibrahim Babangida-led administration in 1992 but was abolished during the rationalisation of agencies during Chief Olusegun Obasanjo’s administration in year 2000.

Speaking at the media conference, Prince Ikonne said his plan is to ensure that the organisation drive the country’s economy.

“Our short-term programs are; Providing farm inputs such as improved seeds, fertilizers, machinery, environmentally friendly crop protection agents, growth enhancers and trainings which will be given to already existing farmers and this will assist them during this farming season in order to improve their yield.

“The President, having given a marching order when he said “we must produce what we have to eat” NALDA as an authority under the Presidency has come up with programs in order to meet this directive by Mr. President.”

Speaking on how to achieve his plans, Ikonne said: “We intend to have 77,400 young farmers injected into Nigerian farming business across the nation in different farming activities ranging from crop farming to animal husbandry.

“These young farmers will be drawn from the 774 Local Governments, with a pilot number of 100 per local Government. In this initiative we will partner with Governors for provision or donation of land and other stakeholders as this will create employment and food production will be increased.

“Back To Farm; we will use this program to encourage everyone to go back to farm by reaching out to the military and paramilitary organizations, NASS members, civil and public servants, journalists, corporate bodies, religious organizations and individuals.

“You will agree with me that all these organizations mentioned and some individuals have land that are not being put to use, so we intend to encourage them to use these lands for farming even if it is for personal consumption. #BackToFarm

“These 3 programs are our starting point in order to meet the immediate mandate of Mr. President for providing food for all and we intend to achieve this within the next 6 months.”

While expressing confidence in the organisation to drive economy, the executive secretary said: “Our intention going by NALDA’s mandate, is to make agriculture a business and a source of wealth creation for the country. This we intend to achieve by increasing palm oil and soya beans production for export among others. Nigeria’s potential in the agricultural sector cannot be over emphasized and having identified the lapses of why we as a nation have not attained the height of food sufficiency, NALDA under my watch will provide the required leadership and with the support of Mr. President we will achieve our mandate.

“NALDA will partner and collaborate with other government agencies and international organizations in order to attain food sufficiency and make agriculture the main source of revenue for Nigeria from export.”

He, however, called on Nigerians who are interested in working with NALDA as volunteers to register through its website www.nalda.ng, even as he called “on all Nigerians and stakeholders, to see agriculture as a business and to solicit for their support as we take off today towards achieving food security which NALDA will be driving.”

Speaking earlier, the nalda’s pioneer director of planning, satistics and data bank, Dr. Akin Fapounda, who gave review of where the organisation was before it was disbanded in year 2000, commended President Muhammad Buhari for bringing the Authority back to existence.

“It is nice to see NALDA back to the country.”

Dr. Fapounda said if Nigeria will succeed, NALDA must succeed in agriculture.

He said NALDA is not meant to be a federal government agency but for state government to look for lands, settle all compensation and use the land for proper farming.

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Economy

Local Government Autonomy: FG Sets Up Committee on Enforcement

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By Sule Musa

The Secretary to the Government of the Federation (SGF), Senator George Akume, CON, has inaugurated an Inter-Ministerial Committee to enforce the Supreme Court judgement delivered on 11th July, 2024 granting financial autonomy to Local Governments in Nigeria.

A statement by Segun Imohiosen, Director, Information & Public Relations in the office of the SGF said the members of the committee include:

1. Secretary to the Government of the Federation – Chairman

2. Hon. Minister of Finance & Coordinating Minister of the Economy -Member

3. Attorney General of the Federation & Minister of Justice – Member

4. Hon. Minister of Budget & Economic Planning

5. Accountant General of the Federation

6. Governor, Central Bank of Nigeria

7. Permanent Secretary (Federal Ministry of Finance)

8. Chairman, Revenue Mobilization Allocation & Fiscal Commission

9. Representative of State Governors

10. Representative of Local Governments

According to the statement, the committee’s primary goal is to ensure that local governments are granted full autonomy, allowing them to function effectively without interference from state governments.

Inaugurating the committee,  the Secretary  to  the  Government of the Federation,  and Chairman of the Committee,  Senator George Akume,  this move is in line with President Bola Ahmed Tinubu’s efforts to ensure appropriate implementation to the provisions of the Constitution, which recognizes local governments as the third tier of government.

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Economy

Breakdown of FAAC’s N1.358tn July allocation to FG, states, LGs

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The Federation Account Allocation Committee said it disbursed N1.358.075 trillion to the three tiers of Government in Nigeria as July allocation.

The was contained in a statement by the Director of Information and Public Relations, Ministry of Finance, Mohammed Manga on Friday.

The disbursed N1.358.075 stems from the total gross N2,613.791 trillion revenue generated in July 2024.

In the period under review, the distributable allocation comes from Statutory Revenue of N161.593 billion, Value Added Tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), N581.710 billion from Exchange Difference and N13.647 billion.

The federal government received N431.079 billion, states got N473.477 billion, local government councils got N343.703 Billion, while the oil-producing states received N109.816 billion, representing 13 percent derivation or mineral revenue.

This is a slight increase from the figure distributed in June, which stood at N1.354 trillion.

A further analysis of July’s allocation showed that the sum of N99.756 billion was given for the cost of collection by the Government’s revenue-generating agencies, while N109.816 billion was allocated for transfer intervention and refunds.

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Business

CBN Approves Merger of Unity and Providus Banks

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The Central Bank of Nigeria (CBN) on Tuesday announced the approval for a pivotal financial accommodation to support the proposed merger between Unity Bank Plc and the Providus Bank Limited.

The Apex Bank, in a statement by its acting Director of Corporate Communications, Hakama Sidi-Ali, said the move is designed to bolster the stability of the nation’s financial system and avert potential systemic risks.

“The merger is contingent upon the financial support from the CBN. The fund will be instrumental in addressing Unity Bank’s total obligations to the Central Bank and other stakeholders,” the statement read.

“It is unequivocal to state that the CBN’s action is under the provisions of Section 42 (2) of the CBN Act, 2007. This arrangement is crucial for the financial health and operational stability of the post-merger organisation.

“It is important to emphasise that no Nigerian bank currently faces a precarious situation comparable to that of Heritage Bank, which was recently liquidated.”

The CBN said it remains committed to safeguarding depositors’ interests and ensuring the smooth functioning of the banking sector through proactive measures and strategic interventions.

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