The Presidential Food Systems Coordinating Unit (PFSCU) yesterday got a presidential directive to fast-track the disbursement of the Federal Government’s N250 billion credit support facility for smallholder farmers.
The facility is at a single-digit interest rate.
The directive by Vice President Kashim Shettima was issued at the 6th meeting of the PFSCU Steering Committee at the Presidential Villa, Abuja.
In a statement by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, Shettima said speeding up the release of the funds was crucial to ensuring that they reach the intended beneficiaries without unnecessary delay.
“On the Bank of Agriculture’s 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,” the Vice President said.
He hailed President Bola Ahmed Tinubu for granting the PFSCU the political cover to act decisively on key reforms in the agricultural sector, particularly the liberalisation of fertilizer raw materials 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. 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,” Shettima stated.
Praising the PFSCU for progress made since its last meeting in April, the Vice President noted that collaboration between federal ministries, departments and agencies (MDAs), the private sector, and development partners has already produced measurable results.
These include the insurance of 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), the launch of the first phase of the Harvesting Hope Caravan across eight states, the approval of the N50 billion Seed Fund, and advances on the World Bank–supported $500 million AGROW programme.
Senator Shettima urged stakeholders to step up efforts to revitalise the seed sector and to expand the nation’s strategic grain reserves in line with ongoing government reforms.
Also at the meeting, Ekiti State Governor, Mr. Biodun Oyebanji, underscored the need for transparent structures that would guarantee the accessibility of the N250 billion loan to the farmers for whom it was designed.
He pledged that Ekiti State would provide monthly financial support to the PFSCU to enhance its work.
Jigawa State Governor, Malam Umar Namadi, praised the Bank of Agriculture for its role in supporting rural farmers. He called for the provision of subsidies to boost agricultural productivity.
Similarly, the Governor of Cross River State, Senator Bassey Otu, welcomed the credit support scheme but advised that local farmers should be encouraged with incentives, particularly through subsidies.
Earlier, PFSCU Coordinator, Ms. Marion Moon, stressed the urgency of consolidating Nigeria’s food security gains, noting that about 30.8 million Nigerians remain food insecure.
She highlighted the unit’s efforts in strengthening collaboration with MDAs across the federal, state and local levels, while urging sustained support to achieve the administration’s goals.
The meeting was attended by Deputy Governors of Niger and Ebonyi states, the Ministers of Finance and Agriculture, the Ministers of State for Finance and Agriculture, the President of the Association of Local Governments of Nigeria (ALGON), as well as representatives of the private sector and development partners.
