Shettima urges swift release of N250bn loan to support smallholder farmers

From Juliana Taiwo-Obalonye, Abuja

Vice President Kashim Shettima, has called for the rapid disbursement of the Federal Government’s N250 billion loan facility aimed at supporting smallholder farmers at a single-digit interest rate.

Speaking at the 6th Presidential Food Systems Coordinating Unit (PFSCU) Steering Committee meeting on Thursday at the Presidential Villa, Abuja, Shettima tasked the PFSCU to develop a clear implementation roadmap to avoid delays and ensure the funds reach the intended beneficiaries.

According to a statement by his media aide, Stanley Nkwocha, the Vice President was quoted as saying: “On the Bank of Agriculture N250 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,”he said.

He praised President Bola Tinubu, for granting the PFSCU the political backing necessary to pursue key reforms decisively. “I want to place it on record, our deep appreciation for Mr. President’s leadership and guidance. His clear directives on fertiliser liberalisation and the seed fund have empowered the PFSCU to fast-track delivery in ways that directly support farmers and strengthen our food systems,” Shettima added.

Highlighting PFSCU’s achievements, the Vice President remarked, “When Federal Ministries, Departments and Agencies, the private sector and development partners align, we can move swiftly from intent to delivery,”.

Shettima also emphasised the need for enhanced collaboration to revitalise the Nigerian seed sector and expand the strategic grain reserve under ongoing government reforms.

Supporting the initiative, Ekiti State Governor, Biodun Oyebanji, stressed the importance of establishing structures to guarantee the N250 billion loan specifically reaches smallholder farmers. He further pledged his state’s monthly financial support to PFSCU.

Similarly, Jigawa State Governor, Malam Umar A. Namadi, praised the Bank of Agriculture’s efforts but called for subsidies to support local farmers. Cross River State Governor, Senator Bassey Otu, supported the credit support while further advocating for incentives through subsidies to encourage local farmers.

PFSCU Coordinator, Marion Moon, in her presentation, highlighted the urgency of safeguarding Nigeria’s food security gains, noting that 30.8 million Nigerians remain food insecure. She reported progress in PFSCU’s coordination with government agencies at all levels, citing milestones such as insuring 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), launching the Harvesting Hope Caravan across eight states, approval of the N50 billion Seed Fund, and advances on the World Bank-backed $500 million AGROW program.

The Harvesting Hope Caravan, praised by meeting attendees, exemplifies the shared responsibility among federal, state, and local governments, private sector, and farmers in sustaining agricultural progress.

The meeting included participation from Deputy Governors of Niger and Ebonyi States, the Ministers of Finance and Agriculture, Ministers of State for Finance and Agriculture, the ALGON President, and representatives from the private sector and development partners.