BMO hails FG on N150b loan to farmers – The Eagle Online

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Bukharin's media organization welcomed the federal government for providing an enabling environment for Nigerian farmers to access a loan of $ 150 billion. Within the framework of the Central Bank's borrowers program for the past two years.

BMO, in a statement signed by its Chairman, Nia Akinsiu and Secretary Cassidy Madejka, said that this has put Nigeria on a strong path to reducing imports of agricultural commodities that can be easily produced at the local level.

The group noted that it knows that this program contributed to an increase in local rice production to the extent that it saved Nigeria about 800 million dollars. The United States in foreign currency.

However, the media group wants CBN and the Bank of Agriculture to guarantee that all loans will be returned in accordance with the terms and conditions of the loan facilities.

It said: "It is gratifying to hear the warning of the Minister of Agriculture Audu Ogbe that the federal government will not tolerate a situation where loans are not repaid.

"We expect CBN to ensure that anyone who wins from the anchor borrower fund is responsible for ensuring that other farmers also win by paying out loans as needed."

The organization also wants CBN and the Bank of Agriculture to properly monitor this process, especially at the state level, taking into account past experience when non-farmers have more access to agricultural resources than actual farmers.

It said: "When the bank is preparing to pay the remaining amount of N100bn for the program, it is necessary to monitor the process to ensure access only to real farmers."

He wants the Ministry of Agriculture to consider the possibility of developing a framework for small rural farmers, especially those who may need funds below N1 million to have access to credit.

This, according to BMO, is due to the fact that this particular group of farmers can not meet the conditions for access to loans from the CBN anchor borrower program.

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