The Central Bank of Nigeria (CBN), via the Bank of Agriculture (BOA), has given grant of N216.6 million as loan to 1,171 rice farmers in Gombe State.
The Branch Manager of BOA in Gombe, Adamu Idris Dula, exposed this at the opening of the first division of CBN’s Anchor Borrowers Programme for rice farmers in the state.
According to him, each farmer was given four bags of NPK fertiliser, eight litres of herbicide and 50kg of rice seed and 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 stated.
The Commissioner for Agriculture, Alhaji Dahiru Buba Biri, stated that the farmers would pay back the loan after harvest, with quantity of rice equivalent to the amount spent on each farmer.
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