2.2m Farmers to Receive N12.3bn as Agric Subsidy

The Federal Government is set to support no fewer than 2.2 million farmers with N12.3 billion as agricultural subsidy.

President Buhari had earlier approved N6.15 billion agricultural subsidy for the first batch of 1.2 million farmers.

Senior Special Assistant to the President on Agriculture, Andrew Kwasari, disclosed this to newsmen over the weekend.

Kwasari noted that the Nigeria Inter-Bank Settlement System (NIBSS) had validated the first batch of beneficiaries.

According to him, 1.2 million farmers would soon receive the support, in addition to another batch of over one million beneficiaries who will receive agricultural subsidy valued at N6.15 billion.

“The President has approved subsidies for 1.2 million farmers in Batch A and the NIBSS has validated their bank accounts and BVN (Bank Verification Numbers) as farmers.

“We have another batch of over one million and NIPSS has also validated their details and it will be sent to Mr President for approval.

“NIBSS validates every BVN tied to any account and can tell you the owner of such accounts in this country,” Kwasari stated.

He, however, expressed that the funds would come in batches of about N6.15bn each, with respect to the total amount of subsidy to be given to the farmers.

 “The first batch is N6.15 billion and we are preparing Batch B and it may be up to that amount also.

“The file has moved from my office right now and it is with the Accountant-General of the Federation and NIBSS for payment.”

The Special Assistant indicated that the government had captured over six million farmers across the country, adding that direct subsidies will be given to the registered farmers.

Kwasari further urged the farmers to deploy the funds judiciously for agricultural purposes when they start receiving the subsidies and pointed out that the government would monitor their activities.