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Senate wants FG to Allocate 10% of Annual Budget to Agriculture Sector

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The Nigerian Senate has encouraged the executive to ensure the allocation of at least 10 per cent of total annual budget revenue to agricultural production as this is a part of the sector that has sustained and generated a remarkable revenue to the Nigeria economy after the downturn of the crude oil.

Chairman of the Senate Committee on Agriculture Production, Services, and Rural Development, Salihu Mustapha, made the call in Abuja on Monday, at the joint budget defence session of the Ministry of Agriculture and Food Security.

Salihu Mustapha said the Senate and House Committees on Agriculture Production, Services and Rural Development were concerned about the challenges facing the agricultural sector.

“Despite the challenges, the non-oil sector remained the largest contributor to the nation’s Gross Domestic Product with over 20 per cent.”

He decried that the budget allocation to the sector remained a far cry from the 10 per cent of the nation’s budget under the Maputo declaration, to which Nigeria had committed.

“The agricultural sector has the largest potential to lead millions of Nigerians out of poverty and provide the much-needed food security.

“It is, therefore, imperative that the sector should be given the utmost priority in national economic policies and future budgets.

“I, therefore, call on the executive to exercise the political will to allocate at least 10 per cent of the national budgets and revenues
to the agriculture sector,” Mustapha said.

He said the budget defence process was not only important but also sacrosanct. He said both chambers of the 10th assembly had demonstrated readiness and commitment to work together in order to pass the 2024 budget in good and desirable time.

Mustapha commended the efforts of President Bola Tinubu and the executive for their desire, to revert to the January to December budget cycle.

This, he said, would enable the Federal Government to provide the laudable objectives of physical infrastructure and socio-economic services to our people.

“By this commendable effort, both the public and the private sectors will benefit from a budget cycle that is not only reliable but also predictable for planning and execution of their fiscal and financial policies and programmes.”

He assured the committee’s willingness and commitment to treat the budget process with the urgency and responsibility it deserved.

The Minister of Agriculture and Food Security, Sen. Abubakar Kyari, listed the ministry’s achievement in 2023 to include the procurement and distribution of 324,718 kilogrammes of certified maize seeds to farmer clusters in the six geopolitical zones of the country.

Kyari said the ministry distributed 2,300 tomato production, pest, and disease management packs to 2,300 resourced, poor smallholder tomato farmers in 10 tomato-producing states affected by Tuta absoluta in 2022 dry season production.

He listed the states to include Kano, Jigawa, Kaduna, Katsina, Borno, Gombe, Bauchi, Plateau, Nasarawa, and Benue.

He also listed the establishment of Rubber Rural Resource Centres (RRRC) with processing technology with a capacity of 1.85, including the installation and training of farmer clusters in Ogun.

“Procured 3,000,000 doses of Anthrax Spore Vaccine for the prevention and control of Anthrax in Nigeria; conducted disease surveillance and investigation for transboundary animals and zoonotic diseases such as Anthrax, Avian Influenza, Rabies, Bovine Tuberculosis and African swine fever.”

He said the ministry registered over 2,351 fertiliser operators across the country using the

National Fertiliser Management e-portal platform, which generated direct and indirect employment over the years.

Kyari, however, decried inadequate budgetary provisions to execute critical projects and programmes that would stimulate national agricultural production.

Further more, According to him, he said less than two per cent of the national budget was committed to agriculture, as opposed to the 10 per cent agreed upon by the Africa Heads of State at the Maputo declaration.

He also publicly denounce inadequate overhead cost allocation to the ministry to meet its operational needs speculated towards him as the Minister.

According to Kyari, the effects of climate change and unprecedented flooding in most parts of the country have greatly interfered with agricultural activities in most agrarian communities.

(NAN)

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Business

CBN Restores BDC Access to FX Market, Caps Weekly Purchases at $150,000

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By Huldah Shado

The Central Bank of Nigeria (CBN), has approved the participation of licensed Bureau De Change (BDC), operators in the Nigerian Foreign Exchange Market (NFEM), allowing each BDC to purchase up to $150,000 weekly.

The approval was contained in a circular dated February 10, 2026, signed by the Director of the Trade and Exchange Department, Dr. Musa Nakorji, and addressed to authorised dealer banks and the general public.

The CBN said the move is aimed at improving foreign exchange liquidity in the retail segment of the market and meeting the legitimate needs of end users, amid a widening gap between the official and parallel market exchange rates.

Under the new arrangement, licensed BDCs can access foreign exchange from the NFEM through any authorised dealer bank of their choice at the prevailing exchange rate.

The apex bank directed banks to carry out full Know-Your-Customer (KYC), and due diligence checks on BDC clients before selling foreign exchange to them.

It also imposed reporting and transparency requirements, mandating BDCs to submit returns electronically to the CBN.

In addition, the bank prohibited third-party transactions and limited cash settlement to a maximum of 25 per cent of each transaction.

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Abuja Reports

Ultraviolet MFB MD Visits Equity Circle, Eyes Strategic Partnership

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By Samson Adeyanju 

The Managing Director and Chief Executive Officer of Ultraviolet Microfinance Bank, Bayonle Omoyele, has paid a working visit to Equity Circle, one of Abuja’s fast-growing real estate companies, as part of efforts to strengthen strategic partnerships within Nigeria’s real estate sector.

During the visit, Equity Circle’s Co-Founder and Chief Marketing Officer, Fabian George, conducted Omoyele on a tour of the company’s facilities and outlined its growth trajectory.

He disclosed that the firm recorded significant milestones over the past four years, culminating in an ₦8 billion revenue in the 2025 financial year.

Discussions between both parties focused on establishing a strategic credit relationship, with proposed areas of collaboration including invoice discounting, structured credit solutions, and cash-flow management support to help Equity Circle sustain and scale its operations.

Addressing Equity Circle staff during an interactive session, Omoyele emphasised the importance of strong marketing fundamentals, highlighting the 4Ps of marketing-Product, Price, Place, and Promotion, as key drivers of long-term competitiveness and brand leadership.

He also urged the team to adopt a long-term growth mindset, remain focused, and ensure that every unit contributes meaningfully to the organisation’s strategic goals, noting that disciplined execution is critical in Nigeria’s evolving real estate market.

The visit underscores Ultraviolet Microfinance Bank’s commitment to supporting high-growth enterprises through tailored financial solutions and partnerships that promote sustainable economic development.

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Business

Moniepoint Strengthens Africa’s Tech Talent Pipeline with DreamDevs Cohort 2

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By Omoniyi David

Moniepoint Inc has reaffirmed its commitment to building Africa’s technology talent pipeline, announcing the opening of applications for the second cohort of its flagship DreamDevs initiative.

Co-Founder and CTO Felix Ike described DreamDevs as a programme that equips recent graduates with industry-ready skills and hands-on experience to bridge the continent’s tech talent gap.

“The success of our first cohort validated that Africa’s young tech talent can compete globally. This year, we aim to convert half of our participants into full-time employees,” Ike said, adding that the initiative creates sustainable career pathways that drive Africa’s digital economy.

DreamDevs complements Moniepoint’s other talent development programmes, including HatchDev, in collaboration with NITHub, University of Lagos, which trains about 500 specialised developers annually, and the Women-in-Tech programme, now in its fifth year.

The initiative also aligns with the Federal Government’s 3 Million Technical Talent (3MTT), programme, with Moniepoint serving as a key sponsor, offering graduates a specialised pathway from training to employment.

DreamDevs underscores Moniepoint’s broader mission to leverage technology to empower Africa’s youth and advance the continent’s digital economy.

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