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CBN Disburses N791b To Farmers In 36 States

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Emefiele Sick, Can't Meet With Reps - CBN

The sum of N791 billion has been disbursed to over three million farmers across the 36 states, under the Central Bank of Nigeria (CBN) Anchor Borrowers’ Programme (ABP).

The Director, Development Finance Department of the bank, Mr Yusuf Yila, made this known on Friday in Abuja, during an interaction with newsmen.

Yila said the apex bank had reduced interest rate on the loan from nine per cent to five per cent, to encourage more farmers to have access to the credit.

The News Agency of Nigeria (NAN) recalls that the ABP was launched on Nov. 17, 2015 and designed to provide farm inputs and cash to Small Holder Farmers (SHFs).

The programme was intended to create a linkage between Anchor Companies involved in food processing and SHFs of the required key agricultural commodities, through commodity associations.

He said the programme had helped participating farmers to improve their yields, especially maize from initial two metric tons per hectare, to five metric tons per hectare, while that of rice to four metric tons per hectare.

Yela said the bank was also investing in reducing post-harvest losses of farm produce, by encouraging dry season farming, describing it as “better in reducing such losses.

READ ALSO: Big Legal Victory For Ogoni As Shell Agrees To Pay N45.9b For Oil Spillage

“Agriculture works better in the dry season, because you cannot control water during the rainy season, but you can control it during the dry season by using irrigation.

“The bank is also building silos and irrigation dams to reduce losses,’’ he said.

Yila said the apex bank had also disbursed about N312 billion, in energy infrastructure support through National Mass Metering Programme.

He explained that the programme was initiated to bridge the six million metering gap in the country, adding that 670 thousand meters had been distributed across the country.

“We are also ensuring value addition in the scheme, by ensuring the meters are not fully imported but assembled in Nigeria.

“By that, we are creating thousands of jobs and also supporting economic diversification,’’ the director said.
(NAN).

 

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BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

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BREAKING: Old Naira Notes Deadline Stays - Emefiele
CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

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BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

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Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate
President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.

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BREAKING: FCMB Founder Olasubomi Balogun Dies

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Olasubomi Balogun

Theo Founderf First City Monument Bank (FCMB), Otunba Michael Olasubomi Balogun, is dead.

According to reports, family sources revealed that Balogun died in London Friday morning at the age of 89.

He was Otunba Tunwase of Ijebuland before his death.

As a ranking Ijebu Chief, his death will, however, only be officially announced in line with tradition.

 

 

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