FG approves N60bn for rice subsidy

Posted by Grand News | 17 November 2018 | 874 times

Chief Audu Ogbe, Minister of Agriculture.

The Federal Government has approved N60 billion subsidy to support rice industry in the country, according to the Minister of Agriculture, Audu Ogbeh.

According to The Nation, the minister said this on Friday in a briefing with State House correspondents after a meeting of the National Food Security Council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

Ogbe who was flanked by the Kebbi State Governor, Atiku Bagudu explained that the purpose of the subsidy was to help bring down price of the commodity in the country.

He said “There is a subsidy programme coming up. Government has approved some money N60 billion to support the rice industry to bring down prices. But we are going to handle it differently.

“We don’t want to get into petroleum subsidy problem. So, a committee is looking at it with the Ministry of Finance.

“We think that it is better for us to loan money to the millers, farmers and distributors at a very low interest rate, so that the capital doesn’t disappear, so they have cheaper credit to do their business that should impact on the price of rice in the market.

“When we are ready we will let you know,” he added.

Source: Grand News

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