Sokoto govt, Zenith Bank secure N4bn loan for farmers

The Sokoto State Government in collaboration with Zenith Bank has secured a N4 billion loan for farmers in the state.

The Sokoto State Governor, Aminu Tambuwal, made this known while launching the sale of 10,000 metric tons of subsidised fertiliser for the 2022/2023 farming season in the state capital on Monday.

Tambuwal said no fewer than 16,000 farmers of rice, wheat, and tomato in the state would benefit from the loan.

He said the loan was obtained from the Zenith Bank with the support of the Central Bank of Nigeria (CBN) to support farming activities, adding that the fertiliser would be subsidised at a lesser price of N13,000 per bag.

“The NPK brand of fertiliser was purchased at market price but would be sold to farmers at subsidised rates of N13,000 per bag.

“The essence is to motivate farmers for increased production,” the governor said.

Tambuwal further urged the benefiting farmers to utilise the commodities in their farms and not resell them at a market price for little gain.

Also speaking at the event, the Sokoto State Commissioner for Agriculture, Prof. Aminu Illela, said the state government’s objective was to stimulate agricultural production for food security and job creation while transforming farming to commercial from subsistence.

Illela said the current administration facilitated the establishment of fertiliser blending plants from local and foreign investors, rice, and other product processing industries in the state.

The Star