Nigeria, June 14, 2016 – Abia State Government today in Umuahia received a loan of N1 billion (One Billion Naira) Commercial Agricultural Credit Scheme from the Central Bank of Nigeria (CBN).
A terse statement issued by Enyinnaya Appolos, the Chief Press Secretary to Governor Ikpeazu Okezie, said the Abia State Commissioner for Agriculture, Mr. Uzo Azubuike, and his Finance counterpart, Mr. Obinna Oriaku, have confirmed receipt of the loan by the state.
According to him, the loan is an intervention for local agriculture to ensure that farmers in the state engage in all season farming. Appolos stressed that the loan is a single digit loan of 7 per cent interest with moratorium period of six months.
He also added that governor Ikpeazu has already set up a committee to be chaired by Uzo Azubuike and which would be saddled with the responsibility of mapping out modalities for the disbursement of the fund to beneficiaries.
The governor also emphasised that the fund will not be used for political patronage.
He said, “Abia State Government has received the N1BN (One Billion Naira) Commercial Agricultural Credit Scheme Loan from the CBN. The loan is an intervention in local agriculture to ensure farmers in the state engage in all season farming. The loan is a single digit loan of 7 per cent interest with moratorium period of six months.”
