The Benue State House of Assembly has approved the request of the state Governor, Samuel Ortom, to borrow N2 billion from the Central Bank of Nigeria 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, Terkimbi Ikyange, while reading the letter, said 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 agriculture, which was the mainstay and identity of Benue State people, needed to be supported vigorously so that the state could remain the ‘Food Basket of the Nation’.
Ikyangealso said agriculture would create jobs and urged his colleagues to grant the request.
The Majority Leader, Benjamin Adanyi, said there was a need to diversify the economy.
Adanyi said the agricultural sector was capable of assisting the state improve its revenue generation.
Richard Ujege (APC-Konshisha) said 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.
Follow The Eagle Online Channel on WhatsApp
