The sum of N103.7 billion has been allocated to Nigeria’s agricultural sector in the 2017 budget following the passing of this year’s Appropriation Bill of N7.441 trillion by the National Assembly last Thursday. The sector got N12 billion boost compared to last year’s N92 billion.
Hon. Linus Okorie, Chairman, Committee on Agricultural Colleges and Institutions, House of Representatives who disclosed to AgroNigeria, said the increase in allocation for the sector was due to efforts made to tackle food security and calls for economic diversification.
“The increase in the sectoral allocation to Agriculture of about N12bn is in response to the continuing clamour for more funding to support food security and economic diversification. It is also in realisation of the cardinal position Agriculture and agribusiness occupies in the quest to defeat unemployment and its related vices.
“You will notice that additional funding went not only to the main ministry but also to the research institutes and colleges, which are critical drivers of knowledge and technology necessary to modernise the sector,” the lawmaker said.
Okorie further said that the budget is focused on some necessary areas of the agriculture sector like research and development, training and extension.
Highlights of the 2017 appropriation bill show that capital expenditure got 30 per cent or N2.18 trillion as N2.987 trillion and N1.84 trillion, was allocated to recurrent expenditure (non-debt) and debt servicing.