President Muhammadu Buhari’s led-federal government has approved N10.7billion for the establishment of 10 new rice mills in the country. The approval was done at the Federal Executive Council (FEC) meeting held in Abuja yesterday.
This was disclosed yesterday by the Ministers of State for Agriculture, Heineken Lokpobiri after the Council’s meeting chaired by President Muhammadu Buhari at the Presidential Villa, Abuja.
“Today the Federal Executive Council approved the establishment of 10 very large rice mills to enhance the milling capacity of rice value chain in the country.
“Few years ago it was reported that this country needs a minimum of 100 large rice mills. As of today we have about 21 but Federal Government in its wisdom decided that today we should approve the establishment of 10 at the total cost of N10.7billion.
“These would be given to the sector to manage which they will be pay back within a given timeframe as it would be agreed between the Bank of Agriculture and the Rice Millers,’’ he said.