Vice President Kashim Shettima has directed the Presidential Food Systems Coordinating Unit (PFSCU) to accelerate the disbursement of the Federal Government’s ₦250 billion credit support facility for smallholder farmers, to be issued at a single-digit interest rate.
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The order was given on Thursday during the 6th meeting of the PFSCU Steering Committee held at the Presidential Villa, Abuja.
According to a statement by Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications (Office of the Vice President), Shettima emphasized that speeding up the release of funds was crucial to ensuring they reached their intended beneficiaries without delay.
“On the Bank of Agriculture ₦250 billion facility, we need to sit down with all stakeholders and come up with a robust roadmap that ensures these funds reach the intended farmers and translate into real productivity gains,” the Vice President said.
He praised President Bola Ahmed Tinubu for backing the PFSCU with the political will to drive agricultural reforms, particularly the liberalisation of fertilizer raw materials and the creation of the Presidential Seed Fund.
“I want to place it on record, our deep appreciation for Mr. President’s leadership and guidance. His clear directives on fertilizer liberalization and the seed fund have empowered the PFSCU to fast-track delivery in ways that directly support farmers and strengthen our food systems,” Shettima stated.
Highlighting achievements since the last PFSCU meeting in April, Shettima noted progress made through collaboration among federal ministries, departments, agencies, the private sector, and development partners. These include the insurance of 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), the launch of the Harvesting Hope Caravan across eight states, approval of a ₦50 billion Seed Fund, and advances on the World Bank–backed $500 million AGROW programme.
The Vice President urged stakeholders to intensify efforts to revitalise the seed sector and expand Nigeria’s strategic grain reserves in line with ongoing reforms.
At the meeting, Ekiti State Governor Biodun Oyebanji stressed the need for transparent structures to ensure the ₦250 billion facility is accessible to the farmers it was designed for. He also pledged that Ekiti State would provide monthly financial support to the PFSCU.
Jigawa State Governor Umar A. Namadi commended the Bank of Agriculture for supporting rural farmers but called for additional subsidies to boost productivity. Similarly, Cross River State Governor Bassey Otu welcomed the scheme but urged more incentives for local farmers, especially through subsidies.
PFSCU Coordinator, Ms. Marion Moon, warned that about 30.8 million Nigerians remain food insecure, stressing the urgency of consolidating food security gains. She highlighted the unit’s efforts to strengthen collaboration with MDAs at all levels and appealed for continued support to achieve national goals.
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The meeting was attended by the Deputy Governors of Niger and Ebonyi States, the Ministers of Finance and Agriculture, the Ministers of State for Finance and Agriculture, the President of the Association of Local Governments of Nigeria (ALGON), as well as private sector and development partners.