The federal government will soon begin the distribution of N100 billion worth of fertilisers donated earlier by the Central Bank of Nigeria (CBN).
The Minister of Agriculture, Sen. Abubakar Kyari, said the move is to prepare for the upcoming wet season farming.
He stated that the Federal Government was enhancing food security by increasing the domestic production of staple crops.
Kyari mentioned that the ministry would distribute 2.15 million bags of various fertilizers, provided by the Central Bank of Nigeria (CBN), to Nigerian farmers.
He said, “Well, we have a donation 2.15 million bags of assorted fertilisers from the CBN. We are in the process of taking possession of those (fertilisers).”
“We will start the distribution of these fertilisers especially in those areas where wet season farming has begun,”
Tractor donation from John Deere
Kyari also disclosed that the ministry received a donation of 500 tractors from the John Deere Group to enhance mechanized farming, boost production, and secure food and nutrition.
He explained that this initiative was designed to stimulate farming activities and nutrition security, aligning with President Bola Tinubu’s emergency declaration on food security.
The minister reiterated the Federal Government’s dedication to boosting food and nutrition security through increased mechanization.
He mentioned that the tractors would be accessible, available, and affordable for small, large-scale, and cooperative farmers nationwide.
Backstory
Last year, the CBN donated over two million bags of fertilisers to the Ministry of Agriculture as part of efforts to combat food insecurity. However, this initiative was tagged by members of the public as part of a development finance program which the apex bank had earlier promised not to get engaged in.
- The Governor of the CBN, Yemi Cardoso later clarified that the fertilisers were purchased during the previous administration when the development finance program was still being implemented. The Governor had earlier warned during the CIBN dinner that the apex bank cannot implement these interventions which has gulped about N10 trillion.
- Last year, the CBN halted new applications for its development finance program and further asked banks to begin recovery of the outstanding debt.
It stated, “Accordingly, the CBN would be moving into more limited policy advisory roles that support economic growth.”
“In consideration of the above, the CBN wishes to inform you that it has stopped accepting new loans applications for processing under any of its existing intervention programmes and schemes.”
- Food inflation in Nigeria has reached a staggering 01% according to the official report in March with an estimated 16% of Nigerians being food insecure during the lean season beginning in June.