The House of Representatives has called on the Federal Government to urgently renew Nigeria's two orbital slots granted by the International Telecommunication Union (ITU) to avoid a $400 million loss. This followed the adoption of a motion presented by Hon Muktar Shagaya, representing Ilorin West/Asa Federal Constituency. 

He said Nigeria currently has three ITU-assigned orbital slots, but only one is in use by NigComSat-1. The remaining two slots risk reassignment if not utilized by the December 6, 2024 deadline. Hon stressed the importance of these slots for telecommunications, national security, and technological advancement, warning that failure to secure them would hinder Nigeria’s economic growth. 

He emphasized the need for satellite development and collaboration with private and international partners. The House of Representatives has urged the Central Bank of Nigeria (CBN) to increase agricultural lending by banks from 1.4% to 7% of total lending over the next five years. It also called for 50% of lending to Smallholder Farmers (SHF) through Microfinance Institutions (MFIs), farmer cooperatives, and value chain commodity associations at an interest rate of 7.5% to 10.5%.

This followed a motion by Hon. Uchenna Okonkwo, who highlighted that NIRSAL’s objective is to enhance agricultural and financial value chains by promoting sound agricultural financing practices and reducing lending risks. 

He expressed concern that despite the agricultural sector contributing 40% to GDP and employing over 60% of the population, its growth has slowed. To reverse this, he called for an additional $3 billion in funding for NIRSAL to support agricultural value chain actors.