Region Six farmers will soon benefit from $300 million in fertiliser support from the government, as efforts continue to cushion the effects of the rising cost of living throughout the country.
This announcement was made today by Vice President, Dr. Bharrat Jagdeo during a meeting at Number 63 Village.
“We recognise that fertiliser is a big input into agriculture and particularly into the rice industry, and if people have to spend more on fertiliser, it will cut their profit margins. So we wanted to do something to help and that is why we’ve set aside this sum of money,” the VP said.
A 20-member committee was also formed to determine how the fertiliser would be procured and distributed among the farmers.
The Vice President said the establishment of the committee would ensure the equitable distribution of the fertiliser and prevent attempts by persons, who do not qualify for the support, from depriving those in need.
Of the $300 million, some $25 million will go to cash crop farmers for fertiliser.
VP Jagdeo said the government has set aside $1 billion in fertiliser support for the country, following consultations with farmers.
The Vice President explained that even though the PPP/C government removed the 14 per cent tax that was placed on fertiliser by the APNU+AFC, the prices continue to climb, due to the rise in oil prices.
“So every time crude oil goes up the price of fertiliser and everything else goes up and oil prices have moved from $28 in 2015 per barrel of crude oil to $120 per barrel. So it’s a steep climb… It’s largely been because of the war in Ukraine,” the VP explained.
The COVID-19 pandemic and the ongoing Russia/Ukraine war have affected the global supply chain which has resulted in spikes in commodity prices across the world.
Dr Jagdeo has, however, assured that the government will continue to provide the necessary assistance in the agriculture sector to minimise the impact on farmers.