FARMINGTON, NM – On May 17, Navajo Agricultural Products Industry (“NAPI”) issued the remaining dividend payment of $333,333.34 to the Navajo Nation for Fiscal Year 2024 to complete a total amount of $2 million. The payments were authorized and approved by NAPI’s Board of Directors with Resolution No. BDAU-1-23 on August 29, 2023.
“On behalf of the Board of Directors at Navajo Agricultural Products Industry, we would like to present this quarterly capital contribution in accordance with Navajo Nation President Buu Nygren’s directive for Navajo Nation Business Enterprises to make a monetary return to the Navajo Nation and Navajo people,” said Lawrence Platero, NAPI Board Member. “NAPI continues to strive to generate revenue to assist the needs of the Navajo Nation.”
The initial payment of $1 million was presented to the Resources and Development Committee of the 25th Navajo Nation Council during a regular meeting on October 25, 2023. The ensuing payments of $333,333.34 were issued each quarter on December 15, March 22, and current payment on May 17. The dividend payments are paid from NAPI’s operating account as a partial repayment of the capital contribution from the Navajo Nation.
Per the Navajo Nation Council, the funds will be delivered to the Navajo Nation Office of the Controller and applied to this year’s comprehensive budget, which funds direct services and other resources that benefit the Navajo people and communities.
NAPI is a wholly owned enterprise of the Navajo Nation charged with operating and managing a commercial farm on land held in trust by the United States for the Navajo Nation under legislation authorizing the Navajo Indian Irrigation Project (“NIIP”).
