By Wealth Oghenemaro
The Federal Government has directed the Presidential Food Systems Coordinating Unit (PFSCU) to expedite the release of the ₦250 billion credit support facility designed to empower smallholder farmers across the country at a single-digit interest rate.
The directive was issued by on Thursday during the 6th meeting of the PFSCU Steering Committee at the Presidential Villa, Abuja.
In a statement by the Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha, the Federal Government emphasized that speeding up the disbursement of the funds was crucial to ensuring timely access by the intended beneficiaries.
Vice President Kashim Shettima, who chaired the meeting, said: “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 Federal Government noted that the PFSCU, with the strong political backing of President Bola Ahmed Tinubu, has been positioned to act decisively in driving key agricultural reforms, including the liberalisation of fertilizer raw materials and the establishment of a ₦50 billion Presidential Seed Fund.
According to Shettima, the collaborative work of federal ministries, departments and agencies (MDAs), private sector actors, and development partners is already yielding results, citing the insurance of 250,000 farmers under the National Agribusiness Policy Mechanism (NAPM), the rollout of the Harvesting Hope Caravan in eight states, approval of the seed fund, and progress on the World Bank–supported $500 million AGROW programme.
The Federal Government also restated its commitment to revitalising the seed sector and expanding the nation’s strategic grain reserves to strengthen food security.
At the meeting, governors and other stakeholders echoed the need for transparency and accountability in managing the ₦250 billion scheme. Ekiti State Governor, Biodun Oyebanji, stressed the importance of ensuring farmers’ direct access to the facility. Jigawa State Governor, Malam Umar A. Namadi, and Cross River State Governor, Senator Bassey Otu, both called for subsidies to further support farmers and boost agricultural productivity.
PFSCU Coordinator, Ms. Marion Moon, cautioned that about 30.8 million Nigerians remain food insecure, urging stronger collaboration across all tiers of government to consolidate gains made in the sector.
The meeting was attended by the Deputy Governors of Niger and Ebonyi States, the Ministers of Finance and Agriculture, Ministers of State for Finance and Agriculture, the President of the Association of Local Governments of Nigeria (ALGON), and representatives of the private sector and development partners.
