The Agricultural Credit Guarantee Scheme Fund (Amendment) Act, no. 7 of 2019

Extraordinary Federal Republic of Nigeria Official Gazette No. 97 Lagos - 26th June, 2019 Vol. 106 Government Notice No. 130 The following is published as supplement to this Gazerte : Act No. Short Title Page 7 Agricultural Credit Guarantee Scheme Fund (Amendment) Act, 2019 A193-196 Printed and Published by The Federal Government Printer, Lagos. Nigeria FGP 52/22020/1.700 Annual Subscription from Ist January, 2020 is Local : N45.000.00 Overseas : N60.500.00 [Surface Mail] N75,000.00 [Second Class Air Mail]. Present issue N1.500 per copy. Subscribers who wish to obtain Gazerte after Ist January should apply to the Federal Government Printer, Lagos for amended Subscriptions. A 193 AGRICULTURAL CREDIT GUARANTEE SCHEME FUND (AMENDMENT) ACT, 2019 ARRANGEMENT OF SECTIONS Section : S N DA A R W Amendment of Cap. All, LFN, 2004. Amendment of section 2. Amendment of section 5. Amendment of section 6. Amendment of section 7 (1) - 9; 14 (1), 16 (1) and 19 (1). Amendment of section 10. Amendment of Schedule. Citation. A 195 AGRICULTURAL CREDIT GUARANTEE SCHEME FUND (AMENDMENT) ACT, 2019 ACT No. 7 AN ACT TO AMEND THE AGRICULTURAL CREDIT GUARANTEE SCHEME FUND ACT Cap. All. Laws OF THE FEDERATION OF NIGERIA, 2004 To ENHANCE THE CAPITAL Base, EXPAND THE COVERAGE OF THE SCHEME, INCREASE THE SIZE OF THE LOANABLE Funpb, INCREASE MEMBERSHIP AND Give More Powers TO THE BOARD ; AND FOR RELATED MATTERS. [24th Day of June, 2019] Commence ment. Enactep by the National Assembly of the Federal Republic of Nigeria— 1. The Agricultural Credit Guarantee Scheme Fund Act Cap.All,Laws Amendment of the Federation of Nigeria, 2004 (in this Act referred to as “the Principal one ee All. Act”) is amended as set out in this Act. Eee 2. Section 2 (2) of the Principal Act is amended by substituting for Amendment paragraph (a), a new paragraph “(a)""— of section 2. “(a) the Minister shall appoint— (7) a chairman, (ii) a representative of the Nigerian Farmers, (iii) a representative of the Federal Ministry of Finance, and (iv) a representative of the Federal Ministry of Agriculture.” 3. Section 5 of the Principal Act is amended by— Amendment oe es sare oe eae of section 3. (a) substituting for the words, “one hundred million Naira™, in line 1, the words, “fifty billion Naira” ; (5) inserting a new subsection “(2)”— “(2) The fund of fifty billion Naira may be increased by such amount as the Board may determine and that amount shall be contributed in a proportion as the Board may prescribe” ; and (c) renumbering the section appropriately. 4. Section 6 (1) of the Principal Act is amended— : Amendment of section 6. (a) in paragraph (a), by substituting for the expression, “N-100,000”, in line 1, the expression, “N50,000,000” ; and (b) by deleting paragraph (6). A 196 2019 No. 7 Agricultural Credit Guarantee Scheme Fund (Amendment) Act, 2019 Amendment 5. Sections 7 (1) 9, 14 (1), 16 (1) and 19 (1) of the Principal Act are i “aoe 7 amended by substituting for the word, “Minister”, the word, “Board”. (1). 16 (1) and 19 (1). Amendment 6. Section 10 (2) of the Principal Act is amended by substituting for the of expression, “N5,000”, in line 2, the expression, “N100,000”, sections 10: Amendment 7. Paragraph | of the Schedule to the Principal Act is amended— f ; : : z en edule. (a) in subparagraph (a), by inserting after the word, “cofee”™, the word, “tea” ; (5) in subparagraph (d), by inserting after the word, “machinery”, the word, “purchase” ; and (c) by inserting new subparagraphs “(e)” and “fy “(e) production of farm machinery, implements and equipment for production, processing, Storage and transportation : and (f) any purpose connected with the activities within the agricultural value chain”. , Citation. 8. This Act may be cited as the Agricultural Credit Guarantee Scheme Fund (Amendment) Act, 2019. I certify, in accordance with Section 2 (1) of the Acts Authentication Act, Cap. A2, Laws of the Federation of Nigeria 2004, that this is a true copy of the Bill passed by both Houses of the National Assembly. MOHAMMED ATABA SANI-OMOLORI Clerk to the National Assembly 24th Day of May, 2019. EXPLANATORY MEMORANDUM ‘This Act amends the Agricultural Credit Guarantee Scheme Fund Act Cap. All, Laws of the Federation of Nigeria, 2004 to enhance the capital base, expand the coverage of the Scheme, increase the size of the loanable fund, increase membership and give more powers to the Board. SCHEDULE TO THE AGRICULTURAL CREDIT GUARANTEE SCHEME FUND (AMENDMENT) BILL, 2019 (1) (2) (3) (4) (5) Short Title Long Title of the Summary of the Date Passed by Date Passed by of the Bill Bill Contents of the Bill the Senate the House of Representatives Agricultural An Act to amend the Agricultural Credit } This Bill amends the Agricultural I17thApril, 2019. ~ Ith April, 2019. Credit Guarantee Scheme Fund Act Cap. All, | Credit Guarantee Scheme Fund Act Guarantee Laws of the Federation of Nigeria, 2004 Cap. All, Laws of the Federation of Scheme Fund (Amendment) Bill, 2019, to enhance the capital base, expand the coverage of the Scheme, increase the size of the loanable fund, increase membership and give more powers to the Board ; and for related matters. Nigeria, 2004 to enhance the capital base, expand the coverage of the Scheme, increase the size of the loanable fund, increase membership and give more powers to the Board. | certify that this Bill has been carefully compared by me with the decision reached by the National Assembly and found by me to be true and correct decision of the Houses and is in accordance with the provisions of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria, 2004. | ASSENT MOHAMMED ATABA SANIFOMOLORI Clerk to the National Assembly 24th Day of May, 2019. MULAMMADU BUiIARI, GEER President of the Federal Republic of Nigeria 24th Day of June, 2019.