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Senate passes bill to reduce food imports

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Nigerian Senate
Nigerian Senate

The Nigerian Senate says the passage of the Agricultural Credit Guarantee Scheme Fund (Amendment) Bill, 2016 will help to reduce the over five billion dollars of foreign exchange used for food importation into the country.

Senate President, Bukola Saraki disclosed this while signing the bill on Monday for it to be forwarded to the presidency for assent.

He also assured young farmers present at the event that the bill is aimed at increasing the capital base of small and medium agricultural businesses through loans and other financial guarantees.

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