Vice President Senator Kashim Shettima has issued a directive for the speedy disbursement of a Federal Government N250 billion credit facility earmarked for smallholder farmers across Nigeria.
The loan is to be offered at a single-digit interest rate to alleviate the financial burden on farmers and boost food production.
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The directive was given on Thursday during the 6th steering committee meeting of the Presidential Food Systems Coordinating Unit (PFSCU) held at the Presidential Villa in Abuja.
Senator Shettima instructed the unit to immediately develop a clear implementation roadmap to ensure the funds from the Bank of Agriculture reach their intended beneficiaries without further delay.
“On the Bank of Agriculture N250 billion facility, we need to sit down with all stakeholders and come up with a robust roadmap that ensures these funds reach the intended farmers and translate into real productivity gains,” the Vice President stated, emphasizing the urgency of the initiative.
VP Shettima also took the opportunity to commend President Bola Ahmed Tinubu for providing the necessary political backing for the PFSCU’s critical reforms. He specifically thanked the President for his support on two key initiatives: the fertilizer raw material liberalization policy and the establishment of a Presidential Seed Fund.
“I want to place it on record, our deep appreciation for Mr. President’s leadership and guidance. His clear directives on fertilizer liberalization and the seed fund have empowered the PFSCU to fast-track delivery in ways that directly support farmers and strengthen our food systems,” Shettima stated.
The meeting saw strong advocacy for farmer support from state governors. The Governor of Ekiti State, Mr. Biodun Oyebanji, stressed the need for a transparent structure to manage the loan disbursement, while also pledging his state’s readiness to provide monthly financial support to the PFSCU to enhance its operations.
Governors Umar Namadi of Jigawa State and Bassey Otu of Cross River State echoed similar sentiments, both emphasizing the critical need for subsidies to support local farmers alongside credit facilities, arguing that this would make the most significant impact on food security.
Earlier, the PFSCU Coordinator, Ms. Marion Moon, presented a report highlighting both progress and ongoing challenges. She revealed that 30.8 million Nigerians remain food insecure, underscoring the urgency of the unit’s mission. Notable achievements since the last meeting include insuring 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM) and the launch of the Phase I Harvesting Hope Caravan across eight states.
The meeting was attended by the Deputy Governors of Niger and Ebonyi States, the Ministers of Finance and Agriculture, the President of the Association of Local Governments of Nigeria (ALGON), and representatives from the private sector and development partners, signaling a unified approach to tackling the nation’s food security challenges.
