ADVERTISEMENT

Cut farmer’s interest rate to five per cent, government tells CBN

The government is hoping to consolidate its efforts to strengthen the economy by pooling from the vast potential of agriculture

Farmers on the field

In the midst of an unfavourable crude oil trading, the Federal Government has decided to lay its hope in agriculture.

The Central Bank of Nigeria (CBN) has been advised by the Federal Government to reduce the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) interest rate on loans to farmers to five per cent.

The Minister of Agriculture and Rural Development, Chief Audu Ogbeh mentioned this yesterday, stating agriculture will not blossom if lending stays at 25 per cent.

ADVERTISEMENT

He said: “Just this morning, I talked to key officials of NIRSAL group in the CBN. We have to bring interest rate to five per cent".

“How we do it and how the financial institution will work to cope with it (will be worked out), we have to impose serious financial penalties on defaulters otherwise, we will not survive. There is no point pretending we are going to make it in spite of those circumstances.”

The government is hoping to consolidate its efforts to strengthen the economy by pooling from the vast potential of agriculture, thereby encouraging farmers who are the chief architects in the drawing.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Lagos postpones eagerly anticipated Easter boat regatta indefinitely

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Third Mainland Bridge reopens in 1 week, formal ceremony later - Minister

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Sanwo-Olu opens 'Sunday market' on Good Friday for Easter shopping

Wike thanks Tinubu for the opportunity to serve

Wike thanks Tinubu for the opportunity to serve

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Barrister Bida pens special birthday prayer for President Tinubu, Nigerians

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Tinubu’s aide distributes food items to 1,750 persons in FCT, Kwara

Court grants senator accused of forging NYSC certificate ₦50m bail

Court grants senator accused of forging NYSC certificate ₦50m bail

BREAKING: Delta monarch declared wanted by military surrenders to police

BREAKING: Delta monarch declared wanted by military surrenders to police

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Renowned Canada-based Nigerian playwright, Oguntokun is dead

Pulse Sports

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

Nigeria vs Mali: Has Finidi George done enough to land Super Eagles job permanently?

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

I want to emulate Keshi and win the AFCON - Finidi George shares ambitious Super Eagles dream

Michelle Alozie: I had to do it because of African referees

Michelle Alozie: I had to do it because of African referees

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

AC Milan star reveals he was named after Super Eagles legend Tijani Babangida

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Give him the job! Super Eagles fans beg NFF to make Finidi George permanent coach after Nigeria's win over Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

Super Eagles 2-1 Black Stars: Nigerians praise Iwobi, Lookman, Finidi George after friendly victory against Ghana

ADVERTISEMENT
ADVERTISEMENT