FG to introduce 50% subsidy on fertilizers, seeds, other agricultural inputs

The federal government has revealed plans to subsidise agricultural input by 50% in the 2023/2024 dry season farming.

Abubakar Kyari, the Minister of Agriculture and Food Security, said this in a statement to flag off the 2023/2024 dry season farming on its website.

According to the minister, the move is in line with the actualisation of the present administration's "Renewed Hope Agenda" for Nigeria and part of measures to combat food inflation in the country.

Subsidy to cut across inputs

Kyari noted that the subsidy will cut across a wide range of agricultural inputs.

According to him, this would include seeds, fertiliser, herbicides and pesticides that would be delivered to farmers.

He revealed that the African Development Bank (AfDB) supports the 2023/2024 dry season farming as it is being implemented under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP) project.

Recall that President Bola Ahmed Tinubu had stated that his administration would not continue with payment of fuel subsidy after his inauguration in May.

In recent developments, however, there are indications that the Nigerian government secretly paid about N169.4 billion as a subsidy to keep petrol at N620 per litre in August.