Stakeholders frown at N363bn allocated to agriculture in 2024 budget

Stakeholders in the agricultural sector have expressed disapproval of the proposed N362.9 billion budget for the Ministry of Agriculture in the 2024 Budget. During a news conference in Abuja on Saturday, these stakeholders voiced their concerns about the budgetary allocation, considering it insufficient. They emphasized that the total budget of N362.9 billion constitutes only 1.32 percent of the entire Federal Government budget.

Azubike Nwokoye, the Programme Manager for Food and Agriculture at ActionAid Nigeria, highlighted the need for prioritizing agriculture in the national budget. He argued that agriculture has the potential to transform the economy and generate employment opportunities, especially for the youth. Nwokoye pointed out that the allocated budget for the agriculture sector has consistently remained below two percent of the overall budget for the past seven years. Despite this, he noted that actual data has not shown a direct correlation between the amount of resources allocated to the sector and its social benefits to society.