The Jigawa State Government is eyeing a N5 billion loan under the Commercial Agriculture Credit Scheme of the Central Bank of Nigeria(CBN) to revolutionizing agriculture in the state.
The state’s Commissioner of Information, Youth, Sport and Culture, Alhaji Bala Ibrahim who briefed journalists on the outcome of the state’s executive council meeting, explained that the loan facility would be used in supporting to farmers, procurement of adequate fertilizer for production of variety of farm produce, promotion of poultry and livestock production.
Alhaji Bala Ibrahim added that the loan would also be used for the provision of access roads to Fadama areas, procurement of tractors and other agricultural equipment, establishing of agricultural processing companies and other related activities.
According to him, “the State Executive Council has considered and approved for the State Government to access Five Billion Naira loan facility under the Commercial Agriculture Credit Scheme of the Central Bank of Nigeria(CBN) at the interest rate of 9%.”
He said the loan will be repaid over a period of eight years through irrevocable Standing Payment Order (ISPO) to be deducted at source by the Accountant General of the Federation as a first line charge against the state’s monthly statutory allocation (FAAC).
“It is expected that the sum of over N73.2 million covering capital and interest will be deducted monthly,” Ibrahim said.