Abuja - The federal government said it had revived the e-wallet system for fertiliser allocation and distribution, a year after suspending it, Premium Times reports.
The Minister of Agriculture, Audu Ogbeh, made the announcement after the weekly Federal Executive Council meeting, saying the policy would however be modified to address the challenges that made it unsustainable.
At the meeting, which held as the National Bureau of Statistics confirmed the nation was in recession, the government also approved a borrowing plan and solid minerals initiatives to stimulate the economy.
But the decision to restart the e-wallet fertilizer scheme represented another economic policy reversal by the Buhari administration, which had earlier dumped the initiative.
The e-wallet system was part of the Growth Enhancement Support scheme introduced by former Goodluck Jonathan administration to address the menace of middlemen in the fertiliser supply chain, which experts identified as a challenge for farmers at the time.
The federal government also approved a three-year rolling external borrowing plan according to News24.
Briefing State House Correspondents after the Federal Executive Council (FEC) meeting held in Abuja on Wednesday, the Minister for Finance, Kemi Adeosun, said the approval would be transmitted to the National Assembly immediately.
She said the loans would come from agencies such as the World Bank, African Development Bank, China Exim Bank, and other development agencies like the Japanese International Cooperation Agency (JICA).
- News 24