CBN disburses N1.487tr to boost food security

The Central Bank of Nigeria (CBN) has disbursed N1.487 trillion under its various agricultural programmes to boost food security.

Its Governor, Mr Godwin Emefiele, made this known while presenting the communiqué on the Monetary Policy Committee (MPC) meeting in Abuja during the week.

Emefiele said the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of this year to boost dry season output.

He said: “Total disbursements as at end-February 2021 amounted to N1.487 trillion under the various agricultural programmes, of which N686.59 billion was disbursed under the Commercial Agricultural Credit Scheme (CACS).

“The bank also disbursed N601.75 billion under the Anchor Borrowers Programmes (ABP) to 3,038,649 farmers to support food supply and dampen inflationary pressures.

“Under the Targeted Credit Facility, the bank has disbursed N218.16 billion to 475,376 beneficiaries, of which 34 per cent of beneficiaries are SMEs.”

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