CBN P-AADS Fund (Agripreneur

10,000 Bauchi Farmers To Get NGN5.7billion Loan from CBN

Last Updated on December 10, 2021 by Ope Quadri

Each of the 10,000 wheat farmers in Bauchi will receive at least NGN370,000, totalling NGN5.7 billion from the Central Bank of Nigeria (CBN) for the dry season farming.

In addition to the loan, six bags of urea, four bags of NPK fertilizer, pumping and spraying machines, CBN Comptroller, Bauchi Branch, Saladu Idris, said on Thursday.

He also disclosed that 4,500 farmers had so far benefited from the support with the aim of supporting local production of wheat

He said support for wheat farmers is one of the ways the apex bank is reducing pressure on the foreign exchange which is required for imports.

“It is as a result of this that the CBN decided to set aside some money to give farmers to encourage the farming if this wheat.”

Method of disbursement

The farmers are targeted through their associations and the minimum of NGN370,000 per hectare is given to farmers and other inputs.

Ironically, the seedlings that were distributed to the farmers were imported from Mexico.

Saladu stated, “The Mexicans came into Bauchi about three weeks ago and they were taken round the 20 local government areas of the state, and they saw the areas to be used for the cultivation.”

Repayment Issue

The senior CBN official urged the beneficiaries to abide by the terms of the credit facility, saying they shouldn’t toe the path of some farmers under the Anchor Borrowers Scheme for rice farming who failed to pay back the loans.

He vowed, just like Nirsal Microfinance Bank boss that automatic deductions will be made from the bank accounts of Nirsal loan defaulters, that appropriate action would be taken against defaulters.

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