Thursday, September 29, 2022

Buhari regime has released N756 billion to farmers for food security: CBN

The Central Bank of Nigeria (CBN) says it has released N756.51 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land.

• July 28, 2021
CBN Governor, Godwin Emefiele and Farmers used to illustrate the story
CBN Governor, Godwin Emefiele and Farmers used to illustrate the story

The Central Bank of Nigeria (CBN) says it has released N756.51 billion to 3,734,938 smallholder farmers cultivating 4.6 million hectares of land to boost President Muhammadu Buhari’s food security initiative.

Godwin Emefiele, the CBN governor, disclosed this while presenting a communiqué from the bank’s recently held 280th meeting of its Monetary Policy Committee (MPC).

He noted that N120.24 billion of the money was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land under the Anchor Borrowers’ Programme (ABP).

“The sum of N121.57 billion was disbursed to 32,617 beneficiaries. For the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs),’’ he explained.

Mr Emefiele also revealed that the apex bank, under the National Youth Investment Fund (NYIF), released N3 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs.

According to the bank under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 3,565 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals.

The CBN governor also revealed that the apex bank had invested close to N1 trillion to boost the real sector economy, covering 251 real sector projects.

He added that the bank’s intervention also spanned health sector support initiatives and electricity distribution, disclosing that “under the N1.0 trillion Real Sector Facility, the bank released N923.41 billion to 251 real sector projects. Of that, 87 were in light manufacturing, 40 in agro-based industry, 32 in services, and 11 in mining.

On the N100 billion, Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which 26 are pharmaceuticals, and 77 are in the hospital services, the CNB statement further explained.

In addition, the bank disbursed N232.54 million to five beneficiaries under its Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa Fever.

“On the National Mass Metering Programme (NMMP), N36.04 billion was disbursed to 17 Meter Asset Providers to nine Distribution Companies (DisCos) for the procurement and installation of 657,562 electricity meters,’’ Mr Emefiele said.

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