The Federal Government has hinted on its plan to raise fresh N32 billion ($200 million) from the International Development Association (IDA) to fund the Third National Fadama Development Project.
Information Minister Labaran Maku disclosed this to State House correspondents in Abuja today after the Federal Executive Council (FEC) meeting.
According to him, the decision was sequel to the memo brought by the Minister of Finance, Ngozi Okonjo-Iweala, seeking approval for the credit facility.“The project development objective for the additional financing is consistent with the ongoing Fadama III Project which is to increase the incomes for users of rural land and water resources within the Fadama areas in a sustainable manner.
The proposed additional financing would scale up the project’s achievements and strengthen the development effectiveness of Fadama III Project by aligning it more closely with the agricultural transformation agenda of the present administration”, Maku said.
Also speaking, the Minister of Agriculture, Akinwumi Adesina, said the loan would be judiciously used to optimise the 24 million hectares of farmlands in Nigeria to fund the planting of Cassava in Kogi State; rice in Kano, Lagos, Niger, Anambra and Enugu States; as well as sorghum and horticulture in Kano State.
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