Gov Abiodun seeks Assembly’s approval to access N1.5bn loan

Governor Dapo Abiodun of Ogun State, has written the the state House of Assembly seeking approval to access a concessionary loan of N1.5billion from the Central Bank of Nigeria (CBN) for the Anchor Borrowers’ Programme with a single-digit interest rate.
The Speaker of the Assembly, Mr Olakunle Oluomo, disclosed this while acknowledging the governor’s correspondence dated September 6 during plenary in Abeokuta on Monday, NAN reports.

According to the letter, the state government indicated interest to participate in the CBN programme to access the fund provided for land clearing and other logistics requirements and support.
It said the government, having identified with CBN and produce off takers (the Anchors), had concluded that agropreneurs could fairly predict selling process even before harvest.
”This will greatly enhance the wealth creation and employment generation efforts for our teeming youth, building capacity, reduce crimes and generally improve the living conditions of the participants.

“The funds that will be accessed under the scheme will be utilised by farmers organised into clusters across the state with particular focus on cassava, rice and maize production.
”Consequently I write to seek the concurrence of the House in support of our request to participate in the programme, ” the governor stated.
According to the governor’s letter, the pursuit of the administration was aimed at ensuring sustainable economic development of the state and individual prosperity of the citizenry with emphasis on boosting production and optimisation of the value chain.

The Speaker, thereafter, directed the Director-General, Debt Management Office in the state, Economic Adviser to the Governor, Permanent Secretary and Directors in the State Ministry of Agriculture to appear before the lawmakers on Tuesday for further briefing on the proposed credit facility.