The Senate on Wednesday approved the harmonised version of the Agricultural Credit and Guarantee Scheme (Amendment) Bill, 2017.
This followed the consideration of report of the Conference Committee on the bill, which was passed by the Senate and the House of Representatives.
Presenting the report, Chairman of the Joint Committee of both chambers, Sen. Abdullahi Adamu, said the differences in the versions passed by both houses had been harmonised and fit for approval.
In his remarks, the Deputy President of the Senate, Ike Ekweremadu, who presided at plenary, commended the committee for a detailed job.
He said the bill when made law would help to enhance agriculture and provide food for teeming Nigerians.
It would fast-track development in the agriculture sector by providing credit facilities to commercial agricultural enterprises at a single digit interest.
It would also enhance national food security by increasing food supply and effecting lower agricultural produce and product prices, thereby promoting low food inflation.
The bill, when assented to will equally reduce the cost of credit in agricultural production to enable farmers to exploit the potential in the sector.
(NAN)
