The Central Bank of Nigeria (CBN), in its annual economic report, has on Monday, 30th December 2019 disclosed that the total amount disbursed to farmers under the Commercial Agriculture Credit Scheme (CACS) since its inception in 2009 rose to N611.5bn as of the end of November 2019.
The report reads in part as “In November 2019, the sum of N1.07bn was disbursed to three projects under the Commercial Agriculture Credit Scheme.
Thus, the total sum released to the economy, under the scheme from inception in 2009 to date, stood at N611.50bn in respect of 596 projects.
More so, the report further indicated that, during the month of November 2019, a total of 62 projects repaid the sum of N8.15bn, of which payment by 59 projects were steady repayments, while three projects were full repayments.
Adding that, the repayments brought the cumulative repayment under CACS from inception in 2009 to N384.41bn.
It was gathered that sub-sectoral analysis showed that food crops obtained the largest share of N182.55m (47.0 per cent) guaranteed to 1,127 beneficiaries, followed by livestock sub-sector at N84.36m (21.7 per cent) guaranteed to 351 beneficiaries; and cash crops at N36.07m (9.3 per cent) guaranteed to 177 beneficiaries.
Also, Fisheries, mixed crops, and ‘others’ obtained N34.39m (8.9 per cent), N31.91m (8.2 per cent) and N18.95m (4.9 per cent) guaranteed to 103, 279 and 88 beneficiaries, respectively.
The report further indicated analysis of benefiting states in which 28 States, including the FCT, benefited from the scheme in November 2019, with the highest and lowest sums of N67.49m (17.4 per cent) and N1.24m (0.3 per cent) guaranteed to Ogun and Jigawa states, respectively.
