Senate Considers bill to Amend twenty-eight year old Agric Credit Scheme

At senate preceding on Wednesday, the Senate President, Dr. Abubakar Bukola Saraki, called for the need to support farmers in order to diversify the country’s economy.

Saraki made this call while speaking on a bill sponsored by the senator representing Anambra South, Senator Andy Uba to amend the Agricultural Credit Scheme.

“This scheme when actualized will ensure that our farmers have access to funds,” Saraki said, while also stressing that Nigeria would need to also forge a legislative framework to support the actualization of the bill.

“In order to meet long-term financial commitments to our farmers, we need to ensure that we protect the credit financiers and banks that are involved in credit disbursement,” the Senate President said, “Doing this will ensure that all stakeholders meet their financial obligations.”

He expressed optimism that with proper mechanisms in place, agriculture would soon take the driver’s seat in Nigeria’s economic development as it stands to create sustainable employment for young people.

The bill as raised in the house is meant to amend the scheme which started operation twenty eight years ago with the enactment of  Decree No. 20 of 1977.