Fertilizer Subsidy Grant 2021: FMARD Disburses N15Billion To Farmers & Enumerators
The office of the Accountant General of the Federation (OAGF) in collaboration with the Fmardpace Enumerators and the AFJP coordinator, is set to To Pay enumerators and farmers over N15Billion next week, this was confirmed by the AFJP National coordinator Dr. Andrew kwasari.
In a joint meeting between the Fmardpace Enumerators and the AFJP coordinator who met to discussed issues bordering the fertilizer subsidy grant and the enumerator’s welfare
It was made known that over N15B is lying idle in the Unity Bank, awaiting disbursement, depending on when the issue of risk-sharing formulae is resolved
“This made CBN decide to change the risk-sharing formulae to be (50:50) and unity bank refused to agree, so about 15billion+ is at unity bank waiting for the agreement between the two parties, therefore for both the zero interest agricultural input loan and the fertilizer subsidy grant have no time to be disbursed until an agreement is arrived at and all the petition in EFCC are proved negative”-Myeduproject quoted the press release held by FMARDSPACE/ AFJP, September 09/ 2021
The risk-sharing ratio will now be equal, should there is bad debt or loan default, meaning CBN will bear 50% of any risk from farmers refusing to return the loan where necessary.
Similarly, Unity bank plc will also take 50% of the risk, as part of a measure to disburse the loan. No more (CBN70% : unity bank 30%) as agreed earlier
“Regard to the Provision of the zero interest agricultural input loan and the fertilizer subsidy grant to the Enumerated farmers, on this we don’t have fixed time or date, as of before the agreement made on sharing risk formula between CBN and Unity bank is (CBN70%: unity bank 30%) later on, a lot of complaints were raised by those sabotaging the project that the farmers will eventually not pay for the loan”- Analysis by MYEDUPROJECT
The above has been agreed upon and the office of the Accountant General of the Federation (OAGF) has been noted regarding this, the EFCC will keep an eagle eye on the fund as disbursement commences next neet