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CBN, Bauchi disburse N1bn to farmers

| May 9, 2012 More

Bauchi state government in collaboration with the Central Bank of Nigeria (CBN) has disbursed the sum of N1 billion as loan to assist farmers in the state as part of efforts to boost food production.

 

Dauda Abdullahi, a member of the Bauchi State Committee on the Revival of Cotton Production who disclosed this during a state-wide advocacy tour on massive food production stated that the amount was part of the N200 billion released nationwide by the CBN to ensure food security in the country, saying ‘‘Bauchi was poised to add value to the nation’s food security.’’

Abdullahi explained that the N1 billion would be disbursed to farmers’ cooperative societies through the Bauchi Credit Financing Agency which warehoused the money, revealing that a technical implementation committee has already been set up to ensure equitable disbursement of the loan to farmers in the 20 local government areas of the state.

The Technical Implementation Committee chaired by the Commissioner of Agriculture,  Tasi’u Mohammed has representatives of the CBN, commercial banks (where the loan could be accessed) and the state chairman of All Farmers Association of Nigeria, including other stakeholders in agriculture as members.

The committee member assured that the N1 billion would be made available to farmers between now and early next month, adding that the loan requires registered members of the cooperative societies to complete necessary documentation for the disbursement.

‘‘The early disbursement is to enable the farmers purchase agricultural inputs such as fertilizer, seeds, and agro-chemical,’’ he says calling on the farmers to avail themselves of the opportunity provided by the government. Abdullahi further explained that the N1billion loan disbursement under the Commercial Agriculture Credit Scheme is intended to benefit all farmers in Bauchi state, including cotton farmers who would enjoy 9% subsidy on agricultural inputs.

Category: Bauchi State News

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