1,171 rice farmers get CBN grant

The Central Bank of Nigeria (CBN), through the Bank of Agriculture (BOA), has disbursed the sum of N216.6 million as loan to 1, 171 rice farmers in Gombe State. The Branch Manager of BOA in Gombe, Adamu Idris Dula, stated this at the launch of the first phase of CBN’s Anchor Borrowers Programme for rice […]

The Central Bank of Nigeria (CBN), through the Bank of Agriculture (BOA), has disbursed the sum of N216.6 million as loan to 1, 171 rice farmers in Gombe State.

The Branch Manager of BOA in Gombe, Adamu Idris Dula, stated this at the launch of the first phase of CBN’s Anchor Borrowers Programme for rice farmers in the state.

He said each farmer was given four bags of NPK fertiliser, eight litres of herbicide and 50kg of rice seed, with nine per cent interest rate to be paid after nine months.

“A total of N135,000 was spent on each farmer for the purchase of the farm inputs. BOA will pay the farmers a balance of N50,000 into their account, making it N185,000 on each farmer,” he said.

The Commissioner for Agriculture, Alhaji Dahiru Buba Biri, said the farmers would pay back the loan after harvest, with rice equivalent to the amount spent on each farmer.