In its determination to boost agriculture and make food available, Bauchi State government has secured a N8billion loan facility from the Central Bank of Nigeria (CBN).
According to the Commissioner of Agriculture, Yakubu Kirfi, the loan was obtained under the Commercial Agricultural Credit Scheme (CAS) of the CBN.
The Commissioner while speaking at a press briefing disclosed that the loan was approved by the state House of
Assembly and was ratified during the inaugural meeting of the reconstituted Executive Council last Wednesday.
He added, “The Bauchi state government applied to enjoy that facility and it is meant for 2016, 2017 and 2018, and it is only this year we got the approval. It was N8 billion but we got the first instalment of N5 billion now.”
At the press briefing which was also attended by Information Commissioner, Umar Ibrahim Sade, and Special Adviser to Governor Abubakar on Media and Strategy, Ali Muhammad Ali, the Commissioner further explained that it is with the ratification of the Executive Council that the government started withdrawing the money through the United Bank for Africa (UBA).
“So when you got that loan, you have to agree with the Commercial bank to remit that money before it gets to the coffers of the state government. That what the Executive Council did Wednesday, and the money is meant for rice farming, fisheries and other agricultural activities,” he explained.
In the same vein, the state government has also through a commercial bank purchased 60 brand new buses at the sum of N1, 380, 000, 600 to boost transportation and generate more revenue through the Yankari Transport Corporation.
The Special Adviser on Media and Strategy to the Governor, Ali Muhammad Ali, said that 30 of the buses will go to Yankari Transport Corporation, 20 to the 20 local Government Areas while the state government will utilise 10 of the buses for protocol purposes.
He also explained that the 60 buses loan facility has a repayment period of three years and the state government had already given an irrevocable order of over N190 million to be deducted monthly from source.
Ali Ali added that Bauchi state has a comparative advantage in three key areas of agriculture, tourism and solid mineral over other states in the North East sub-region.
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