President Bola Ahmed Tinubu has directed the Bank of Agriculture (BOA) to settle arrears owed to agro-dealers and input suppliers under the auspices of the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).

The directive to pay the money followed the release of N30 billion by the African Development Bank (AfDB).

This was contained in a statement signed by the external Media Relations Lead for BOA, Judith Ekwebelem, and issued in Benin City.

The statement confirmed that the N30 billion represented the second tranche released by AfDB for the implementation of NAGS-AP.

It said the presidential directive aimed at fast-tracking support for farmers and stabilizing Nigeria’s food supply chain.

The statement said it also appointed BOA as custodian of all agricultural financing programme funds and tasked it to ensure the timely disbursement of funds to critical stakeholders in food production.

It said the bank pledged to execute the approved payment schedule with urgency using its robust electronic Wallet system to achieve payment to all complying agro-dealers within 24 hours, while also providing weekly progress updates until completion.

The statement quoted the Managing Director/Chief Executive of BOA, Mr. Ayo Sotinrin, as saying, “This is a truly defining moment for our agricultural sector.

“This is more than just a fund; it is a bold commitment to ensuring our nation’s food security.

“By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers.

“We are unlocking opportunities for farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”

Sotinrin urged all beneficiaries to comply without delay, warning that failure to do so could result in processing setbacks.

He pledged to deliver on its mandate of driving Nigeria’s agricultural transformation. (The Nation)