Abia state on Tuesday revealed that it has received the N1billion Commercial Agricultural Credit Scheme (CACS) loan from the Central Bank of Nigeria (CBN).
According a statement by the Chief Press Secretary to the Abia State Governor, Enyinnaya Appolos, the state’s Commissioner for Agriculture, Hon. Uzo Azubuike, and his finance counterpart, Mr. Obinna Oriaku, confirmed receipt of the loan by the state.
The loan is an intervention to ensure farmers in the state engage in all season farming. Appolos, in the statement stressed 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. OkezieIkpeazu, has setup a committee saddled with the responsibility of mapping out modalities for the disbursement of the fund to deserving beneficiaries, stressing 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.