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N1.5BN CBN CREDIT FACILITY TO BOOST FOOD SECURITY, ALLEVIATE POVERTY -OGUN GOVT

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Ogun State Government says the present financial base of the State can accommodate the proposed N1.5 Billion concessionary loan offered by the Central Bank of Nigeria to finance the Anchor Borrowers’ Programme aimed at boosting food security, providing job opportunities for the teeming youth and capacity building for participants, particularly farmers.

The Chief Economic Adviser to the Governor, Dapo Okubadejo, State Accountant General, Idowu Micheal and Permanent Secretary of the State Ministry of Agriculture, Mrs Abosede Ogunleye gave the assurance during an interactive session with members of the State House of Assembly chaired by the Speaker, Olakunle Oluomo at the Assembly Complex, Oke-Mosan, Abeokuta.

Fielding questions from lawmakers arising from a correspondence earlier sent to the State Assembly by the Governor, Prince Dapo Abiodun requesting the approval of the Assembly to participate in the CBN credit facility, the State officials explained that the State Government major responsibility upon accessing the credit facility, was to ensure land clearing and provision of certain infrastructure and capacity building programmes. They added that the State only needed to provide an Irrevocable Standing Payment Order (ISPO) which would serve as guarantee for the financial facility payable within five years.

They assured that the State would continue to ensure the sustenance of other developmental programmes, positing that the facility was to be serviced for a moratorium of five years with an average monthly deduction of N25m from the State’s allocation from the Federation Account, at a single digit interest rate.

In his remarks, the Chairman of the Anchor Borrowers Programme, Prof. Bola Okuneye, stated that the fund would allow the farmers being the beneficiaries, enjoy extension services, increased input supplies which include seedlings, chemicals and ferterlizers; with a view to boosting food security, increased job opportunities for the teeming unemployed youth, value creation and capacity building programmes for best agricultural practices.

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