Central Bank of Nigeria has guaranteed more than N886m worth of loans for farmers in Adamawa, Alhaji Abba Baba, an assistant director with the bank, said.
Baba told the News Agency of Nigeria in Yola on Friday that 8,854 farmers had benefitted from the scheme, aimed at achieving national food security.
He said the scheme was designed to assist farmers to acquire soft loans from commercial banks.
Baba said, “CBN has guaranteed a total of N886, 792,736m for 8,854 farmers in Adamawa from 2012 to date.”
He said that the maximum loan a farmer received under the scheme was N10m, adding that the loan was to be repaid within one year.
Baba said 3,831 farmers were guaranteed for N366m in 2012 and 4,192 farmers benefited in 2013.
He said that from January to March, 831 farmers had accessed N42m worth of loans under the scheme.
He said that the beneficiaries included fish, cattle fattening, vegetable and sugarcane farmers.
Baba said that there had been no record of default on repayment by the beneficiaries. NAN
