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FG Saved 5m Dollars From Importation of Rice, Says Ogbeh

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rice
  • FG Saved 5m Dollars From Importation of Rice, Says Ogbeh

Following the ongoing agricultural revolution policy in Nigeria, the Minister of Agriculture Audu Ogbeh yesterday commissioned another Rice Miller called Walcot Rice Limited in Kebbi state. The commissioning, which took place in Arugungu local government, aims to boost agriculture production.

Ogbeh said that with the introduction of policies that has created a revolution in Rice Production in the country, the Federal Government has saved five million dollars from the importation of rice.

He noted that the country is losing over five millions dollars yearly because the nation has not diversified its economy, stressing that new agriculture policies has reduced poverty in Kebbi state.

The Minister who commended Walcot for their investment in Kebbi said that the people of the state and government would protect the investment with their hearts.
Remarking, CBN governor, Mr. Godwin Emefiele said the new agriculture policies have motivated many youths back to the farms. He revealed that 88, 000 new millionaires were created last year due to the 2015 Anchored Borrower’s dry season loan to farmers adding that before the end of 2017, 250,000 millionaires would have been created.

Kebbi State Governor, Senator Abubakar Atiku Bagudu assured the company that the people of the state would protect their investment and give them maximum support to succeed. The Emir of Argungu, Alhaji Samaila Muhammed Mera said if other states emulate Kebbi, farmers in Nigeria would be able to feed the nation comfortably.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Business

FG Says Nigeria’s Rice Production Rises by 1.2mmt in Three years

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FG Interventions Boost Rice Production by 1.2mmt in Three Years

The Federal Government has said the nation’s rice production increased by 1.2 million metric tonnes within three years due to its interventions in the rice value chain.

This was disclosed by Mustapha Shehuri, Minister of State for Agriculture and Rural Development, in Omor and Umerum at Ayamelum Local Government, Anambra State while assessing the Federal Government rice farms/mills project there.

He added that the federal government is working on revitalising its rice farm in Anambra to boost rice production, increase new jobs and improve the standard of the people in the state and Nigeria at large.

The minister was quoted as saying, “The present administration has provided various interventions to promote investment in the rice sector.

“As a result of these interventions, the country has increased its production from 4.8 million metric tonnes of milled rice in 2015 to over six million metric tonnes by 2019 with huge reduction in the nation’s deficit.

He added that President Muhammadu Buhari administration is pursuing and implementing programmes to achieve self-sufficiency in rice production because of its strategic importance as a major staple food crop.

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Economy

Lagos State Declares N89bn Surplus in 2019 After BudgIT False Report

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Lagos

Lagos State Economically and Financial Stable, Declared N89bn Surplus in 2019

Lagos State, Nigeria’s commercial capital, has declared an impressive N89 billion surplus for the year ended 2019.

This was disclosed in the state’s 2019 Audited Financial Statements.

The report was released following BudgIT, a public sector-focused financial information house, recent report titled ‘Ability of States to Meet Monthly Recurrent Expenditure and Loan Repayment Obligations, 2019’, that claimed the state was among states that can not meet monthly recurrent expenditure and loan repayment obligations.

A report, BudgIT later withdrew and apologised for misleading the public as several factors were not taken into consideration during the report. It added that Lagos was financially buoyant, and the only state with such financial capacity to function without federal allocations.

On Monday, Dr Rabiu Olowo, Lagos State Commissioner for Finance, in a statement to media houses, said the state was economically and financially buoyant.

In the statement titled ‘Lagos financially, economically stable’ said the commissioner said the state is presently doing 103 percent of the budget targets despite COVID-19, this he said is well above 2019 figures.

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Economy

Buhari to Inaugurate Nigeria’s First Standard Gauge Train in Itakpe-Warri Today

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Light Rail

Nigeria’s First Standard Gauge Train to Be Inaugurated Today

President Muhammadu Buhari will be in Itapke-Warri today, September 29, 2020 to inaugurate Nigeria’s first standard gauge train, the Itakpe-Ajaokuta-Warri rail line.

Fidet Okhiria, the Managing Director, Nigerian Railway Corporation disclosed this on Sunday.

Okhiria explained that President Buhari will conduct the inauguration virtually and not be physically present at the event.

He, however, said Mr. Rotimi Amaechi, the Minister of Transportation, would lead other members of the Federal Executive Council as well as other government functionaries to the event.

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