FG approves N60bn for rice subsidy programme – Minister



The Federal Government has approved N60 billion in support of its rice subsidy programme aimed at bringing down the price of the commodity across the country.

The Minister of Agriculture and Rural Development, Mr Audu Ogbeh stated this when he briefed State House correspondents on the outcome of the meeting of the National Food Security Council.
The meeting was presided over by President Muhammadu Buhari at the Presidential Villa, Abuja, on Friday.
He disclosed that a committee would be constituted by the ministry of agriculture in collaboration with ministry of finance for smooth implementation of the rice subsidy programme.

“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, and if they have cheaper credit to do their business that should impact on the price of rice in the market.
“Every country does it for food, we will use a different method to do it and it will be cheap credit to the farmers, millers and the marketers, not outright cash subsidy for their product,’’ he said.

He said the subsidy would enable Nigerians to buy rice at a cheaper rate during the forthcoming yuletide as obtained in 2017.

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