Vice President Kashim Shettima has directed the Presidential Food Systems Coordinating Unit (PFSCU) to accelerate the disbursement of the Federal Government’s N250 billion credit facility for small holder farmers.
The loan, as gathered by WorldClass247News, is to be issued at a single-digit interest rate in an effort to boost productivity and strengthen Nigeria’s food security.
The Vice President issued the directive on Thursday during the sixth steering committee meeting of the PFSCU, held at the Presidential Villa, Abuja. He emphasized the need for an immediate implementation roadmap to ensure the timely and effective distribution of the funds to the intended beneficiaries.
“On the Bank of Agriculture ₦250 billion facility, we need to sit down with all stakeholders and come up with a robust roadmap that ensures these funds reach the intended farmers and translate into real productivity gains,” Shettima stated.
He also expressed appreciation to President Bola Ahmed Tinubu for providing the PFSCU with the political backing needed to pursue bold reforms, particularly in the areas of fertilizer raw material liberalization and the establishment of the Presidential Seed Fund.
“I want to place it on record, our deep appreciation for Mr. President’s leadership and guidance,” Shettima said. “His clear directives on fertilizer liberalization and the seed fund have empowered the PFSCU to fast-track delivery in ways that directly support farmers and strengthen our food systems.”
The Vice President lauded the PFSCU’s progress, highlighting the importance of collaboration among federal ministries, departments, agencies, development partners, and the private sector.
He further called for enhanced coordination to revitalize Nigeria’s seed sector and expand the country’s strategic grain reserves.
At the meeting, several state governors echoed the Vice President’s call. Ekiti State Governor, Biodun Oyebanji, stressed the importance of a transparent structure to ensure the loan reaches farmers and pledged monthly financial support to the PFSCU from his state.
Jigawa State Governor, Malam Umar A. Namadi, commended the Bank of Agriculture’s efforts but emphasized the need for targeted subsidies to support local farmers.
Cross River State Governor, Senator Bassey Otu, supported the credit initiative but advocated for additional incentives through subsidies to further encourage smallholder farmers.
PFSCU Coordinator, Ms. Marion Moon, in her presentation, warned of Nigeria’s fragile food security, noting that over 30 million Nigerians remain food insecure.
She outlined recent milestones, including the insurance of 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), the launch of the Harvesting Hope Caravan in eight states, the approval of the ₦50 billion Presidential Seed Fund, and progress on the World Bank-backed $500 million AGROW Program.
The Harvesting Hope Caravan, which is currently engaging farming communities across the country in partnership with subnational governments, was widely praised by members of the committee. The initiative emphasizes agriculture as a shared responsibility among all tiers of government, the private sector, and the farming community.