FG Disburses N120m To Farmers, Revives 11 Fertiliser Blending Plants
A fertiliser plant. Image: Naija 24 News

The Minister for Budget and National planning, Udo Udoma has said the Federal Government has distributed more than N120 billion to farmers in the country.

Udoma said this amount was handed as concessionary loans to over 800,000 farmers across the country through the Anchor Borrowers’ Programme.

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He said this in Lagos on Thursday at the 42nd Annual Conference of Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).

According to him, the loan is for the cultivation of crops like rice, wheat, cotton, soya beans, cassava, and groundnuts.

He added that “To date, 11 Fertiliser Blending Plants with the capacity to produce 2.1 million metric tonnes have been revitalized.”

Also, he said “There is no doubt that we are making good progress in our efforts to revive and diversify the economy. However, is the economy sufficiently diversified? My answer is not yet.

“Whilst the oil and gas sector constitutes less than 10% of our GDP, it still represents too large a percentage of our foreign exchange earnings.

“We need to grow our non-oil exports to overtake oil in terms of our foreign exchange earnings as countries such as Malaysia and Indonesia have achieved.

“This will take some time. However, there is no doubt in my mind that we are on the right track.

“If we consistently and faithfully continue with the implementation of the ERGP we will become an economic production powerhouse. We will be able to feed ourselves and have extra for export.”