Reps to investigate disbursement of agricultural loans to farmers

The House of Representatives has mandated its committee on banking and currency to investigate disbursements of all agricultural loans and credit facilities to farmers.

Lawmakers in the House of Representatives [NASS]

This followed the adoption of a motion by Rep. Chike Okafor (APC–Imo) on the floor of the House on Wednesday in Abuja.

Speaking on the motion, Okafor said that the investigation should commence from 2009 to enhance national food security.

He said that from 2009 to date, the Federal Government approved disbursement of funds to farmers in various schemes to the tune of over N275 billion.

This according to him, ranges from commercial agricultural credit scheme to Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

He said that the gesture was to help farmers to improve agricultural production and guarantee food security in the country.

According to him, since the approval, most farmers have not been able to access the loans due to stringent conditions attached to the loan.

He said that the conditions attached by banks from prospective borrowers had made it impossible for them to access the loan.

He expressed concern that food production had not attained the expected level in spite of the approval of over N 275 billion facilities to farmers.

He expressed worry that the projected diversification of the economy from an oil base to agricultural base would not be achieved.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

CBN set to launch digital currency by end of 2021

Best site to buy and sell Tron, USDT(trc-20) in Nigeria

Obiex reintroduces brand with financial empowerment app, platform

Things to look out for when buying a house [Pulse Contributor's Opinion]

Cobhams disrupts payment system on power bike

Glo launches ALWAYS ON to help subscribers keep their lines active

Amaechi wants hotels to be built at stations along Lagos-Ibadan rail line

Nigeria’s total public debt shoots up to N33.107trn – DMO

Artisans are pillars of Nigeria’s economy – Akeredolu