Sanction Awaits Commercial Banks That Divert FG Agriculture Loans—CBN


Mrs Augusta Osuya, Development Finance Officer (DFD), Central Bank of Nigeria (CBN), has warned that commercial banks that diverted Federal Government’s Agriculture loans, meant for farmers would be sanctioned.

She gave the warning in Port Harcourt on Monday during the sensitisation workshop on the need to diversify from oil economy to agriculture.

The workshop was organised by CBN in collaboration with Nigeria Security and Civil Defence Corps (NSCDC), Rivers Command.
According to her, CBN is determined to monitor the disbursement of the lending facility meant for the farmers.

“No bank will toil with Federal Government agriculture loan. CBN will monitor the loan and query erring banks,” she said.

Osuya noted that agriculture loans was more beneficial and cheaper, adding that on completion of repayment, CBN would refund 40 per cent of the interest paid on the loan to the beneficiary.

She said that investment in agriculture was the only business civil servants were allowed to do by the Code of Conduct Bureau, to boost food production and food security.

She urged beneficiaries from the NSCDC personnel to take advantage of the loan.

Contributing, Rev. Roland Brown, Chairman, All Farmers Association ON Nigeria (AFAN), Rivers branch, said the association would subsidise the cost of land farming, among others.

Also speaking, Mrs Rita Timothy Assistant Commandant, NSCDC and Head, Agro-Allied Ranger Department, said the department had identified talented farmers among NSCDC personnel in the command.