April 16, 2024
FG Mulls Disbursement Of N2.5tr To Tackle Farmers/Pastoralists Conflict
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FG Mulls Disbursement Of N2.5tr To Tackle Farmers/Pastoralists Conflict

In a bid to find a lasting solution to the lingering farmers/pastoralists conflicts that has negatively impacted the agriculture sector, Nigeria is set to raise over N2.5tr, within the next five years for investment in the livestock sector of the economy.

The Federal Government will provide at least N312.47b to kick start the reform within the period, after which a review of progress and funding would be expected.

The country’s estimated population of various species of livestock resources is 21.2 million cattle, 48.6million sheep, 76.3 million goats, 163 million chickens and 8.1 million pigs, just as the sub-sector, which consists of both commercial and indigenous animals is conservatively valued at over N50tr and accounts for about 25 percent and 5.8 percent of the country’s agricultural Gross Domestic Products (GDP) and national GDP, respectively.

READ ALSO: FG In Talk With World Bank For $1.5bn Budget Support Loan

The proposed expenditure is part of the blueprint for promoting sustainable livestock reforms and mitigation of associated conflicts in Nigeria, recently presented to President Bola Ahmed Tinubu by a team of experts and technocrats led by the National Chairman of the ruling All Progressives Congress (APC), Dr Abdullahi Umar Ganduje at the presidential villa in Abuja.

It is expected that the funding will be drawn from yearly budgets and statutory contributions from key revenue generating ministries, departments and agencies (MDAs), such as the natural resources fund, and Central Bank of Nigeria (CBN), support from local and international investors and other related sources.

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