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Home»Business/Economy/Banking & Finance»Sokoto to access N4bn CBN loan for farm inputs, implement
Business/Economy/Banking & Finance

Sokoto to access N4bn CBN loan for farm inputs, implement

Abdallah el-KurebeBy Abdallah el-KurebeOctober 26, 2021No Comments3 Mins Read
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…Approves N8bn for road projects

Sokoto state government has concluded arrangements to obtain N4 billion Central Bank of Nigeria’s (CBN) Commercial Agricultural Credit Scheme facility through the Zenith Bank.

The state executive council meeting held Friday last and Monday this week and chaired the state governor, Aminu Tambuwal and his Deputy, Mannir Dan’Iya, respectively also approved N8 billion for the construction and dualization of two main roads in the state.

According to the commissioner for Animal Health and Fisheries Development, who is also the overseer of the state Ministry of Agriculture, Professor Abdulkadir Junaidu 16,876 farmers will benefit from the targeted loan.

The loan, which is intended to facilitate rice, wheat and tomato cultivation, will be supervised by a state advisory committee and approved consultants.

He explained that majority of those that will benefit from the scheme will be rural farmers, including 732 medium scale and 180 large scale farmers.

Junaid explained also that, in line with the guidelines of the facility, five laws have been put in place for the execution of the component parts of the loan: purchase of herbicides, fertilizers, seeds, supply and processing machines.

A breakdown of these shows that over N363 million would be spent on the purchase of 45,296 litres of herbicides, 42,716 litres of insecticides and 2,610 units of sprayers; while over N1 billion will be used to purchase 67,764 bags of 50 kg NPK and 28,728 bags of 50 kg urea.

Also, the sum of N312 million will be spent on the purchase of 198,555 kg of rice and 331,270 kg of wheat as well as 2,254 of tomato seedlings; in addition to the sum of over N495 million earmarked for the procurement of supply and processing machineries, which comprises water pumping machines, rice and wheat threshing machines, tomatoes pasting machines among others.

On Friday, the council resolved to construct two roads projects from Shuni-Tsehen Masu-Gandun Ardo to Kasarawa; and from Sokoto city gate to Shuni town at the costs of over N4.4 billion N3.6 billion, respectively.

The first will be a 12 km southern byepass dual carriageway road while the second will be a 7.2 km dual carriageway.

The contracts awarded to Roads Nigeria and Afdin Construction Company, respectively are expected to be completed within 18 months.

Other resolutions reached at the meeting were the approval of a bill for the establishment of Sokoto State Veterinary Specialist Hospital; presentation of reports on COVID-19 and gastroenteritis situation in the state.

agric loan CBN loan Farm implement Farm inputs Sokoto
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