Shettima orders speedy disbursement of FG’s N250 billion loan to farmers

The Federal Government has said that the implementation of the N54.99 trillion 2025 national budget will begin before the end of September as the 2024 fiscal year winds down.

Director-General of the Budget Office of the Federation, Tanimu Yakubu, stated this in Abuja during the third quarter ministerial stakeholders and citizens engagement forum, organised by the Ministry of Budget and National Planning.

He explained that the 2025 budget, christened the “Budget of Restoration,” was designed to accelerate economic growth, improve the delivery of public services, and channel investments into sectors that can drive inclusive development.

According to him, fiscal discipline and efficiency will determine how well the budget delivers on its promises. Similarly, Vice President Kashim Shettima has directed the Presidential Food Systems Coordinating Unit (PFSCU) to fast-track the disbursement of the Federal Government’s N250 billion credit facility for smallholder farmers at a single-digit interest rate.

Shettima gave the directive, yesterday, during the sixth meeting of the PFSCU steering committee held at the Presidential Villa, Abuja. He tasked the unit to immediately develop a clear implementation roadmap to ensure the funds reach the intended beneficiaries without further delays.

The Vice President, however, commended President Bola Tinubu for granting the PFSCU political cover to act boldly on reforms. He also applauded the unit for its achievements, noting that collaboration between Ministries, Departments and Agencies (MDAs), the private sector, and development partners has shown that “we can move swiftly from intent to delivery.”

He, however, called for deeper collaboration to revitalise the seed sector and expand the nation’s strategic grain reserves. Ekiti State Governor, Biodun Oyebanji, urged the establishment of mechanisms to guarantee that the N250 billion credit support reaches smallholder farmers as intended, pledging monthly financial support from his state to the PFSCU.

Also, Jigawa State Governor, Umar Namadi, commended the Bank of Agriculture’s efforts but stressed the need for subsidies to cushion local farmers, while Cross River State Governor, Bassey Otu, supported credit issuance but advised that incentives and subsidies remain central to boosting farmer morale.

In her presentation, PFSCU Coordinator, Marion Moon, warned of the urgency of protecting Nigeria’s fragile food security gains, noting that 30.8 million Nigerians remain food insecure.