The Central Bank of Nigeria (CBN) says it will fund 1.6 million farmers in the 2020 wet season across the country.
Speaking at the flag-off of Farm Inputs Distribution for cotton farmers for 2020 planting season on Tuesday in Kwali, Abuja, CBN Director, Development Finance Department, Mr Yila Yusuf, explained that the bank would finance the farmers under the bank’s 10 focal commodities which would cut across the value chains.
The Director, who was represented by Mr Ayoola Quadri, said the step was to create an impact that would guarantee food security in the country.
Speaking on cotton production, Yusuf said CBN had engaged 256,000 farmers in cotton production for 2020 planting season through its Anchor Borrowers programme.
He said that the farmers were expected to pay back the loan given by CBN under this anchor borrowers programme.
He disclosed that the apex bank had reduced the interest rates paid on the loan from nine per cent to five per cent because of the COVID-19 pandemic.
He said the CBN was working hard to revive Cotton Textiles and Garments industry to create jobs and boost the economy of the country.
He explained that with the commitment of the bank in 2018 on cotton production, the textile industries in 2019 were self-sufficient as cotton used during the period were sourced within the country and even left some in warehouses.
“CBN is trying to bring back the glory of textiles of those days where the industry used to employ 10 million people across the country.
“In the 80s, we lost that glory because of smuggling where our country was turned to a dumping ground of textiles materials. It is an unfortunate situation, about five billion dollars was spent annually on the importation of textiles” he explained.
He added that the apex bank was doing backward integration to ensure that the entire value chain in the industry was funded for the benefit of the people and the country.
In his remarks, the President of the National Cotton Association of Nigeria, Mr Anibe Achimugu thanked President Muhammadu Buhari and CBN Governor, Mr Godwin Emefiele for their interventions in the sub-sector.
Achimugu noted that with the loan facilities provided by CBN, the farmers were now witnessing the turn-around in the production output.
He urged beneficiaries to pay back the loan to enable others to benefit while expressing hope that more people would be brought to the scheme in 2021.
The president said about 2,200 farmers who were grouped into clusters had benefited from CBN’s intervention in the Federal Capital Territory (FCT).
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Npower: We will Pay June Stipend and Pay July Next Week-Sadiya (Video)
Batch C Will be Enrolled by the End of The Year
All Owed Stipends will be Paid within the Week
CBN Will Give GEEP, AGSMEIS & ANCHO BORROWER Loans but Not compulsory
Volunteers who Received Double Pay in May Will not be Paid
Batch A and B will start receiving June Stipends in no distant time. The Federal Minister of Humanitarian Affairs, Disaster Management and Social Development has approved June stipend
While speaking with DW News Channel, Sadiya blamed GIFMIS as a slow but effective platform for huge credit transactions like the N-power scheme
This will be the last stipend for Batch A volunteers as they exit the programme, the Federal government is transitioning volunteers into a new level of partnership, whose details are not clear as we speak
Batch B will be eliminated same way by July ending, giving way for Batch C entrance
Here is the brief Transcription of Sadiya Farouq with Binta Zumi on DW Hausa Version
‘‘BINTA ZUMI — What can you tell us about N-Power?
SADIYA — Npower is an initiation of President Muhammad Buhari to help the unemployed graduates
BINTA ZUMI– What is the fate of Npower beneficiaries?
SADIYA — Npower is a programme design for the beneficiaries to be train and exit after two years due to some issues the first batch was not exited but right now we have exited them from the programme and batch B will also be exited by end of this month.
BINTA ZUMI — Does the government have any plan for these exited youths that were disengaged?
SADIYA — Well majority of them have established themselves and they are doing well over 100, 000 of them and those who couldn’t be able to start up any business, we are currently discussing with CBN to give them a loan from GEEP, AGSMEIS and ANCHO BORROWER and other available loans but is not going to be compulsory.
BINTA ZUMI — Some beneficiaries are asking about their June stipend
SADIYA — Those who will received have received it and for the june stipend by next week they should receive it’’
The Interview with Sadiya Umar Farook regarding the Npower Batch A & B beneficiaries are as follows:
The payment of backlogs and June stipends to Npower beneficiaries will commence this week.
Npower Batch A has already been exited from the scheme since June 30th and Batch B will follow them on July 31st, 2020.
The Hon Minister did not talk about transition and exit packages for both batches, but she says they are negotiating with CBN to put us in some plans.
The Hon Minister also did not talk about Batch B devices
Regarding batch C enrollment exercise she said the portal will be close next week but no specific date and time yet.
The minister also said they maybe enroll into the program by the end of this year.
Nigeria Singer Wizkid Hints On Expecting Baby Number 4
Nigeria singer Wizkid who already has three kids from different baby mama’s appears to have dropped a hint on expecting another baby.
See post below:
It seems singer Wizkid is not tired of making more babies.
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