FG Saves N55bn From Local Production Of Fertiliser
The said amount is the whopping sum hitherto spent on foreign exchange from the N60 billion in budgetary provisions for fertilizer subsidy.
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The PFI is being executed by the Nigeria Sovereign Investment Authority (NSIA) through a Special Purpose Vehicle that will roll out the one million tonnes of NPK Fertilizer in five batches of 200,000 metric tonnes each.
Also, the presidential aide said the 11 fertilizer blending plants in the country will be increased to 18 by the end of the year, which will in turn provide direct employment to no fewer than 50,000 Nigerians.
According to presidential aide Mallam Shehu: "The problem of the shortage of fertilizers and its attendant high cost plaguing the nation’s agricultural production, seemingly intractable for decades, have been resolved following the successful execution of the mandate of the PFI.
‘‘Since the implementation of the Initiative, the six million 50kg bags of NPK fertilizers were purchased by State governments and agro-dealers across the country”.
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