Fadama III Project: FCT Minister Announces Release Of N113 Million Counterpart Fund

The Federal Capital Territory (FCT) Minister, Malam Muhammad Musa Bello, has announced that the sum of N113 Million was released last year as backlog of counterpart funds for the commencement of the World Bank Fadama III Project.

The minister said that so far over 3500 farmers have registered for the project.

Muhammad Bello, who declared open, World Bank Country Portfolio Performance Review Meeting (CPPR) for the Bank’s assisted projects in the Northern region in Abuja, said that the release of the counterpart fund was in keeping with the agenda of the Federal government, under President Muhammadu Buhari, to diversify the economy through restoring the priority place of agriculture and empowering rural farmers.

“The initiative was hinged on ramping up production and developing value chains in the four selected staple crops of rice, sorghum, cassava and tomato.”

The Minister, who was represented at the occasion by his Chief of Staff, Malam Muhammed Bashir Mai-Borno, pledged the commitment of the FCT Administration to make funds available towards the realization of the goals of the World Bank assisted projects in the FCT.

In a performance report, presented at the meeting, the desk officer for Community Social Development Projects (CSDP) Dr. Babagana Adams revealed that the World Bank,  earmarked $6,075,258.2 towards the execution of various CSDP and Fadama III projects under the year’s project cycle.

Towards this, the FCT Administration has concluded plans to release a first tranche of N50 Million naira as its counterpart fund for the successful execution of the project envisaged in the year under review.

He said that the move demonstrated the commitment of the FCT Administration to ensuring that the target populations derive the needed benefits from the World Bank intervention projects.

In his welcome remarks at the occasion, The World Bank Country Director for Nigeria, Mr. Rachid Benmessaoud, explained that the portfolio review is a joint annual event between the World Bank and the Federal Government of Nigeria to assess the implementation performance of World Bank assisted projects in the country.

“The objective is to evaluate how these states are performing, what are the results that they have been achieving, what are the challenges that they are facing and what are the actions that could improve and accelerate the pace of implementation of these projects.”