Agric Credit Fund: CBN Releases N130bn To Farmers Yearly

The Central Bank of Nigeria (CBN) has said that it has made a yearly release of over N130billion as interest drawback to farmers under the Agricultural Credit Guarantee Scheme Fund (ACGSF) since 1979.
Head, Development Finance Office (DFO), Mr. Oruyeigha Stanley, disclosed this in Port Harcourt, yesterday, at the 2021 ACGSF Best Farmers of the Year and Participate Financial Institution (PFI) annual award in Port Harcourt.
He said the scheme was initiated by the bank to encourage farmers across the country.
“What we have released or given yearly from 1979, what we have given as interest drawback paid to farmers that were part of the scheme from 1978.
“The cumulative figure each year we do and we add to it that figure. That is the one that I told you is about N130billion under the ACGSF cumulatively. So, next year will be added to this one”, he said.
Stanley also said that over one million farmers had benefitted from the scheme, adding that the programme is not only in Rivers State but across the nation.
He said the event was to honour farmers who meet up the expectation in the period under review.
He commended Lapo Microfinance Bank for its partnership with the CBN in the implementation of the scheme.
According to him, the target of the CBN is to see that 1,000 farmers or more benefit from the scheme in Rivers State.
The DFO Head also urged the management of the Rivers Micro Finance Agency (RIMA) to get involved in the programme with a view to implementing the poverty alleviation programme of the state government.
Also speaking, Permanent Secretary, Rivers State Ministry of Agriculture, Mr. Maurice Ogolo, promised that the state would key into the programme next year, adding that Rivers State is doing well as far as agriculture was concerned.
Dignitaries at the event include the Port Harcourt branch controller of the CBN, Oke Chuks Godfrey, represented by Head, Branch Support Office, CBN, George Tom George.
Awardees at the event were, Mr. Alia Abazua Ijajico, who emerged as the Best Farmer of the Year 2021; Mrs. Nwator Ngozi, first runner-up; while Okoro Samuel emerged second runner-up.
The participating financial institution award went to Lapo Microfinance Bank.

By: John Bibor & Oribim Ibama