2024 budget: N100bn agric fund will attract private sector investment

The Minister of Budget and Economic Planning, Atiku Bagudu, has said that the N100 billion agricultural fund would stimulate more private sector investment into the sector.

He said this when he appeared before the House of Representatives Committee on Appropriation at an interactive session with Government-Owned Enterprises (GOEs) and other relevant ministries, departments and agencies (MDAs) on Friday. He explained that the fund was a consumer credit scheme that would be used to support the sector so that more funding could be acquired from private investors.

Bagudu noted that the budget would not fund everything, but measures were put in place to get funding from other sources.

The minister added that a deal had just been signed in Germany with Siemens company, which he said would help Nigeria in the power sector.

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He further informed that President Bola Ahmed Tinubu had set up a committee on financing of infrastructure outside the budget system.

He said, “There is a lot the private sector can do, so I should also see my role as a minister as that of inviting the private sector, marketing them so that they can do those things appropriation cannot give me money to do. We are not going to have enough money to build all the houses and roads we require.”