Abia state has revealed that it has received the N1billion Commercial Agricultural Credit Scheme (CACS) loan from the Central Bank of Nigeria (CBN).
The Chief Press Secretary to the Abia State Governor, Enyinnaya Appolos, stated that the state’s Commissioner for Agriculture, Hon. Uzo Azubuike, and his finance counterpart, Mr. Obinna Oriaku, confirmed receipt of the loan by the state.
Appolos stressed that the loan is an intervention to ensure farmers in the state engage in all season farming. He further stated that the facility is a single-digit loan of seven per cent interest with moratorium period of six months.
He also added that the State Governor, Dr. Okezie Ikpeazu, has set up a committee saddled with the responsibility of mapping out modalities for the disbursement of the fund to deserving beneficiaries. Also that the fund will not be used for political patronage.
“Abia State Government has received the N1billion Commercial Agricultural Credit Scheme loan from the CBN. The loan is an intervention in local agriculture to ensure farmers in the state engage in all season farming. The committee will be chaired by the Commissioner for Agriculture, Hon. Azubuike,” the statement explained.