Connect with us

News

Reps Want 50% Agricultural Lending For Small Holder Farmers

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad
By Gloria Ikibah
The House of Representatives has called on the Central Bank of Nigeria (CBN) to increase agricultural lending by banks in the country from 1.4 percent to 7 percent of total lending within the next five years, with 50 percent going to Smallholder Farmers (SHF) through Microfinance Institutions (MFIs), Farmer Cooperatives, and the value chain commodity association at an interest rate of 7.5 percent 10.5 percent.
This was sequel to a motion on “The Need To Reposition The Nigeria Incentive Based risk Sharing for Agricultural Lending (NIRSAL)” to ensure optima performance in boosting agriculture and food production in the country by Rep. Uchenna Harris Okonkwo, on Tuesday at plenary.
In his lead debate, Rep. Okonkwo said that Nigeria was ailing with severe impoverishment across the nation, as well as the increase in hunger as a result of decrease in agricultural productivity triggered by low capital investment and insufficient funding of agricultural production.
According to the lawmaker, in 2011, the CBN launched and incorporated the Nigeria Incentive Based Risk Sharing System for Agricultural Lending (NIRSAL) as a dynamic, holistic $500 million public-private initiative to define, measure, price, and share agribusiness credit risk.
He said that the objectives of NIRSAL was to enhance agricultural value and financial value chains, by promoting good practices in agricultural financing, loan utilisation, and repayment, thus reducing the risk of agricultural lending.
Okonkwo therefore is concerned that the agricultural sector, which accounts for 40 percent of the nations’ Gross Domestic Product (GDP) and provides for over 60 percent of employment, has experienced slower growth recently and is underperforming despite enormous potential.
He said if the trend must be reversed, there is need to tackle the challenge of under financing of agricultural value chains by providing NIRSAL with additional $3 billion for lending to agricultural value chain actors in Nigeria.
The lawmaker also said there was the need to reduce banks break-even interest rates to agricultural value chain borrowers from 7.5–10.5%.
Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

FG mourns Nigerian Medical Graduate Killed in Russian Attack on Ukraine

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

FG mourns Nigerian Medical Graduate Killed in Russian Attack on Ukraine

By Gloria Ikibah

The Federal Government has expressed deep sorrow over the death of a 23-year-old Nigerian medical graduate, Nnani Adaobi Marian, who was reportedly killed after sustaining injuries during a Russian aerial attack on the Ukrainian city of Kharkiv.

In a statement issued on Tuesday, by the Spokesperson of the Ministry of Foreign Affairs, Kimiebi Ebienfa, the Federal Government said it received the news of Marian’s death with “profound sadness”, describing the incident as a tragic consequence of the ongoing conflict in Ukraine.

Advertisement

According to the ministry, Marian was a graduate of Kharkiv National Medical University.

The statementread: “The Ministry of Foreign Affairs has received with profound sadness the news of the death of Miss Nnani Adaobi Marian, a 23-year-old Nigerian medical graduate of Kharkiv National Medical University, who reportedly succumbed to injuries sustained during a Russian aerial attack in Kharkiv, Ukraine.”

The Federal Government extended its condolences to the deceased’s family, friends and colleagues, as well as members of the Nigerian community affected by the loss.
The ministry said it was working with the relevant authorities and Nigeria’s diplomatic missions to establish the full circumstances surrounding the incident and provide support to the family.

“The Federal Government extends its heartfelt condolences to the bereaved family, friends, colleagues, and the Nigerian community affected by this tragic loss. The Ministry prays that Almighty God grants the deceased eternal rest and gives her family the strength to bear this irreparable loss.

Advertisement

“The Ministry is in contact with the relevant authorities as well as Nigeria’s Missions in Ukraine and Germany to verify the circumstances surrounding the incident and to provide the necessary consular assistance to the family”, it added.

Reaffirming Nigeria’s longstanding position on the war, the government expressed concern over the continuing loss of civilian lives and renewed its call for an end to the conflict.

“The Federal Government of Nigeria reiterates its deep concern over the continuing loss of civilian lives arising from the ongoing conflict and renews its call for an immediate cessation of hostilities. Nigeria urges all parties to embrace dialogue, diplomacy, and the peaceful resolution of disputes in accordance with international law and the principles of the United Nations Charter.

“Nigeria remains committed to the protection and welfare of its citizens abroad and will continue to monitor developments closely while providing all necessary support through its diplomatic missions”, the statement further read.

Advertisement
Continue Reading

News

Security operatives nab El-Rufai’s personal physician

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has nabbed Professor Bello Abubakar, the personal physician to former governor Nasir El-Rufai of Kaduna State.

In a statement by John Odey, the ICPC spokesperson, Abubakar was arrested on Tuesday after what the commission described as abuse of privilege by El-Rufai and the medical doctor and violation of court order.

The anti-graft agency’s spokesman revealed that based on the court’s directives, the commission facilitated the former governor’s request to receive medical attention and allowed him to visit the National Hospital in Abuja under security arrangements in order for him to meet with his personal physician.

The visit to the hospital was, however, turned into a meeting, which one of the former governor’s political associates, Isa Ashiri Kudan, posted photographs of on Facebook at about 2 pm yesterday.

Advertisement

According to Odey, thisindicated that the visit was utilised for activities outside the scope contemplated by the court and the ICPC.

“The Independent Corrupt Practices and Other Related Offences Commission, ICPC, has expressed concern over developments surrounding a court-approved medical visit granted to former Governor of Kaduna State, Mallam Nasir Ahmad El-Rufai, who is currently in the Commission’s custody.

“The Kaduna State High Court had fixed July 6, 7, and 8, 2026, for an accelerated hearing of the criminal charges pending against the defendant. On the first day of hearing, however, Mallam El-Rufai did not appear before the court.

“During proceedings, the prosecution informed the court that when officers of the Commission prepared to convey the defendant to court, he declined to accompany them, insisting that he wished to consult his personal doctor.

Advertisement

“The prosecution further informed the court that no prior request had been made to the Commission for such medical consultation and that, when asked by the Commission’s medical doctor, the defendant reportedly indicated that he had no immediate medical complaints but stated that his wife, Asia El-Rufai, who is also one of his legal counsel, had requested that he see his personal physician, Professor Bello Abubakar,” Odey said in the statement.

Continue Reading

News

Just in: Tinubu orders ICPC immediate probe into controversial ‘PFIFC

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

President Bola Tinubu has directed the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to launch a comprehensive investigation into the activities of the purported Presidential Foreign Intervention Promotion Council (PFIPC).

This directive was contained in a statement issued on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.

According to the statement, the President directed that the investigation be concluded and a comprehensive report submitted to him within 30 days.

“The directive follows the discovery of the fictitious PFIPC, which was never established by the Federal Government of Nigeria and has no basis in any law, presidential instrument, executive approval, or other lawful act of government.

Advertisement

“One Adeniyi Adeyemi Matthew presented himself as the Director-General of the so-called PFIPC and falsely claimed to be a presidential appointee.

“Among the issues to be investigated by the ICPC are the forged appointment letters and other official government documents; the use of a false claim of presidential appointment to seek or obtain official recognition and diplomatic support, including visa facilitation; and the opening of multiple bank accounts in the names of purported government agencies using allegedly forged documents,” the statement stated.

In addition, President Tinubu has directed the ICPC to investigate not only the conduct of the principal individual and other collaborators involved but also the wider circumstances that may have enabled a fictitious body and a false claim of presidential appointment to acquire an appearance of official legitimacy.

“The investigation is to examine the provenance and use of false official documents; the processes through which official recognition or diplomatic support may have been sought or obtained; the opening and operation of any related bank accounts; the source and movement of any funds involved; and the role of any public officer, private individual, financial institution, intermediary, or other person or entity that may have facilitated, enabled, or participated in the alleged scheme.”

Advertisement

The President further directed the Commission to identify any weaknesses in government and institutional procedures that may have been exploited and to recommend immediate measures to prevent the recurrence of similar abuses.

“All ministries, departments, and agencies of the Federal Government have been directed to provide the ICPC, upon lawful request, with all relevant information, records, and assistance required for the expeditious completion of the investigation.”

President Tinubu stated that the integrity of the Presidency and the institutions of the Federal Government must be protected against impersonation, forgery, abuse of official identity, and the exploitation of weaknesses in the public service.

The President directed that all persons found culpable be treated strictly in accordance with applicable law.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News