The bill was passed on Wednesday after consideration of a report presented by the Chairman of the Senate Committee, Senator Abdullahi Adamu.
He explained that the Fund was set up in order to provide financing for the strategic aspect of Agricultural Development in Nigeria.
The Senator further stated that investigation revealed that the Federal Government has not implemented the 2003 MAPUTO Declaration on Agriculture which provided for 10 percent of the National Bugldget to be allocated towards Agricultural Development and that this has led to stagnation and regression of the agricultural sector.
“If this was done, Agricultural Research and Development, Food Production and Food Security would have witnessed a major leap.” he said.
He further said that the Fund was to provide emergency support funding for agricultural control access to finance trans-boundary animal disease outbreak; as well as support service through microfinance and collaborate with development partners to support food security which would in turn bring about the transition from subsistence farming to modern agriculture capable of generating inclusive growth and economic diversification.