Abia receives N1BN CBN Agric Loan

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Abia State Government has received the N1BN (One Billion Naira) Commercial Agricultural Credit Scheme Loan from the Central Bank of Nigeria (CBN).

According a statement by the Chief Press Secretary to the Abia State Governor, Enyinnaya Appolos, the State’s Commissioner for Agriculture, Hon. Uzo Azubuike, and his Finance counterpart, Mr. Obinna Oriaku, confirmed receipt of the loan by the state.

The statement further states that the loan is an intervention foe local agriculture to ensure farmers in the state engage in all season farming.

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Appolos, in the statement stressed that the loan is a single digit loan of 7 per cent interest with moratorium period of six months.

He also add that the State Governor, Dr. Okezie Ikpeazu, has setup a committee saddled with the responsibility of mapping out modalities for the disbursement of the fund to deserving beneficiaries, stressing that the fund will not be used for political patronage.

“Abia State Government has received the N1BN (One Billion Naira) Commercial Agricultural Credit Scheme Loan from the Central Bank of Nigeria (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.”

The committee will be chaired by the Commissioner for Agriculture, Hon. Uzo Azubuike.


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