President Bola Tinubu has instructed the Bank of Agriculture (BOA) to settle N30 billion in outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket.
In a statement released on Wednesday by BOA’s External Media Relations Lead, Judith Ekwebelem, the directive was enabled by funds from the African Development Bank.
The initiative aims to increase support for farmers and stabilize Nigeria’s food supply chain.
The Federal Government has also appointed BOA as the custodian of all agricultural financing program funds.
Ekwebelem said, “The move (the directive ) is seen as a turning point for the sector, with BOA tasked to ensure smooth and timely disbursement of funds to critical stakeholders in food production.
“The bank has, however, pledged to execute the approved payment schedule with urgency using its robust electronic wallet system to achieve payment to all complying agro-dealers within 24 hours, while also providing weekly progress updates until completion.”
She noted that the N30bn represented the second tranche released by AfDB for the implementation of NAGS-AP, saying, “the funds are targeted at settling outstanding obligations from the 2024 dry and wet season programmes.
“Minister of Finance and Coordinating Minister of the Economy, Wale Edun, directed that the process be treated with the highest priority. Accordingly, the NAGS-AP Secretariat and BOA formally kicked off the exercise on September 18, 2025, with the handover of beneficiary data.”
Click to signup for FREE news updates, latest information and hottest gists everyday
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com