The Jigawa State Government on Wednesday said it would access N5 billion loan from the Central Bank of Nigeria CBN) to finance its agricultural development.
The State Commissioner for Information, Youth and Sports, Alhaji Bala Ibrahim, said this during a news conference in Dutse.
He said that the decision to take the loan was taken by the state executive council.
Ibrahim said that the loan, a facility from the Commercial Agriculture Credit Scheme of the Central Bank of Nigeria(CBN) at the interest rate of 9 per cent per annum.
He said that the loan would assist the state government to realize its desire to revolutionize agriculture in the state by providing agricultural loans to support farmers and procurement of fertiliser for them.
The commissioner added that the state government was also ready to promote poultry and livestock production in the state.
He said that that the state government would ensure the provision of access roads to Fadama locations as well as procurement of tractors for farmers.
Ibrahim stated that the loan would be repaid over a 96- month period through the Irrevocable Standing Payment Order (ISPO).
He disclosed that the deduction would be from direct source by the Accountant-General of the Federation (AGF) as a first line charge against the state’s monthly statutory allocation.
He added that N73.2 million covering capital and interest rates would be deducted monthly.
He said that the matter would be brought before the state House of Assembly for legislation and authorization to access the facility. (NAN)