The Council of State has approved $1billion for the nation’s agricultural sector and to diversify the economy.
Gov. Ibikunle Amosun of Ogun State disclosed this on Thursday after the meeting at the Presidential Villa in Abuja.
Amosun expressed hope that the money will go a long way in boosting the economy but did not however state how the funds will be sourced.
“The Council deliberated extensively on our economy, how to diversify our economy and the efforts that were being made to pull Nigeria out of the doldrums,” the governor noted.
“The Council appreciated the efforts that had been in place to move Nigeria away from recession. Now, gradually we are getting it right and Council noted that what is being done is good.
“Council also noted what was being done in the area of agriculture; how Nigeria moved from one monolithic economy to now a diversified economy.”
He added that, “Council noted that there is still more to be done. It was advised that we should improve on the funding and increase the funding on agriculture and it was paltry about 200 million dollars.
“But, if you compare that side by side with what we are investing, what we are pumping into the area of oil, the monolithic economy that we have running, we noticed that it is just insignificant.
“So, the Council recommended that at least about a billion dollar should now be pumped into agriculture.”
The meeting which was presided over by President Muhammadu Buhari had in attendance, three former Heads of State, Gen. Yakubu Gowon, Gen. Abdulsalami Abubakar and former President Olusegun Obasanjo.