CBN Disburses ₦6.25 Billion to Rice Farmers-Paddy Aggregation Scheme
CBN disburses ₦6.25 billion to rice farmers across the country under the Paddy Aggregation Scheme, CBN governor, Godwin Emefiele made this statement known in Abuja during the Monetary Policy Committee.
The Paddy Aggregation Scheme (PAS) is aimed at Integrating Rice Millers and Large Scale Aggregators to enable them to purchase home-grown rice.
It aims to provide credit facilities to integrated rice millers and large-scale rice paddy aggregators at a single-digit interest rate to increase local production of rice towards effecting lower prices and enhancing national food security.
The features include:
The single-digit interest rate at five percent; bullet loan repayment after 12 months for loans that have 12 months tenor;
No obligor limit applicable;
Applicant must have a functional silo;
It has 24 monthly loan tenor.
“Under the Paddy Aggregation Scheme, N6.2bn was disbursed by the Bank to three new projects for the purchase and mopping-up of home-grown rice paddy.
“This brings the total funds disbursed to 42 integrated rice millers under the PAS to N106.39bn.”
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