Following the destructive intensity of flooding in parts of the country this year, the Federal Government, on Tuesday, announced a five-year tax holiday for investors in the agricultural sector to mitigate the losses caused by the flood.
Dr Muhammad Abubakar, the Minister of Agriculture and Rural Development, announced this at a press conference, on Tuesday in Abuja.
Abubakar said that tax relief is aside from the release of $244 million (₦106.87 billion) in collaboration with international development partners to enhance emergency food production.
The Minister allayed fears of imminent food shortages, saying that the Federal Government was taking steps to address the consequences of the flood.
While acknowledging that flooding across the country destroyed farmlands, crops, livestock and others, Abubakar said plans had been activated by stakeholders to begin emergency distribution of assorted food commodities from the Federal Reserves.
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