The Federal Executive Council (FEC) has approved what it calls an electronic wallet where farmers can get allocation of seeds and fertilizers using mobile phones without any intermediary.
The Minister of Agriculture Dr Akinwumi Adesina after the weekly meeting said that henceforth “all seeds and fertilizers will be sold by the private sector directly to farmers “, indicating that government will no longer be involved in the procurement and distribution of seeds and fertilizers
He said federal government has raised the sum of N30billion through a guarantee facility with banks to finance the project while the federal government will facilitate it.
The Minister also stated that the federal government will continue to subsidise fertilizers to the tune of N27 billion and that the issue has not been about subsidy but how to make fertilizers reach the targeted farmers.
The electronic wallet which has started in 12 states of the federation is said to be the first of its kind in Africa