Wednesday, 25 November 2015

Benue Assembly Approves Governor’s Request To Borrow N2bn For Farming

The Benue House of Assembly has approved the request of the state governor to borrow two billion naira from Central Bank of Nigeria (CBN) for dry season farming.

The house gave the approval in Makurdi on Tuesday during plenary.

The request letter was entitled, ”Request to obtain a loan for financing of agriculture value chain, including dry season farming under CBN special intervention fund”.

The Speaker, Mr Terkimbi Ikyange, while reading the letter, said that agricultural activities needed to be stepped up to boost the state’s revenue profile.

Ikyange stressed the need for the state to return to agriculture, especially against the backdrop of dwindling revenue from oil which was threatening the national economy.

He said something urgent needed to be done to arrest the situation.

He said that the loan would be repaid in 20 years at an interest rate of nine per cent.

He said that agriculture which was the mainstay and identity of the Benue people needed to be supported vigorously so that the state could remain the ‘Food Basket of the Nation’.

He also said that agriculture would create jobs and urged his colleagues to grant the request.

The Majority Leader, Mr Benjamin Adanyi, said that there was a need to diversify the economy.

He said that agricultural sector was capable of assisting the state improve its revenue generation.

Mr Richard Ujege (APC-Konshisha) said that agricultural products were usually expensive during dry season and noted that the state could benefit from dry season farming.

When the speaker put the matter to vote, members unanimously voted in favour of the request. (NAN)

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