President Bola Tinubu has directed the Bank of Agriculture to clear outstanding arrears of N30bn owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket.
According to a statement issued on Wednesday by the bank's External Media Relations Lead, Judith Ekwebelem, the directive followed the release of funds from the African Development Bank. The bank explained that the move was aimed at strengthening support for farmers and stabilising the country's food supply chain.
The Federal Government has also designated BOA as the custodian of all agricultural financing programme 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.