The Federal Government has directed the immediate disbursement of a ₦250 billion credit facility to smallholder farmers across Nigeria. The loan, which will be offered at a single-digit interest rate, aims to alleviate the financial burden on farmers and boost food production.
Vice President Senator Kashim Shettima issued the directive during the 6th steering committee meeting of the Presidential Food Systems Coordinating Unit (PFSCU) held at the Presidential Villa in Abuja. Shettima instructed the unit to develop a clear implementation roadmap to ensure the funds from the Bank of Agriculture reach their intended beneficiaries without delay.
The Vice President emphasized the urgency of the initiative, stating that the funds must translate into real productivity gains for farmers. He also commended President Bola Ahmed Tinubu for providing political backing for the PFSCU's critical reforms, particularly in fertilizer raw material liberalization and the establishment of a Presidential Seed Fund.
State governors, including those from Ekiti, Jigawa, and Cross River States, advocated for transparent loan disbursement structures and subsidies to support local farmers. They emphasized the need for a unified approach to tackling the nation's food security challenges.
The meeting was attended by various stakeholders, including the Deputy Governors of Niger and Ebonyi States, the Ministers of Finance and Agriculture, and representatives from the private sector and development partners.