Nigeria

Delta Assembly approves N1.5 billion loan for agricultural development scheme

The Delta House of Assembly on Wednesday approved taking of N1.5 billion Central Bank of Nigeria loan for the Accelerated Agriculture Development Scheme in the state.

The approval of the loan during plenary in Asaba, was sequel to a letter sent to the assembly by Governor Ifeanyi Okowa, seeking the consent of the house.

The Speaker, Sheriff Oborevwori, read Okowa’s letter and the request was unanimously approved when he later put to it to a voice vote.

The governor said in the letter that the CBN, in its bid to fast-track the diversification of the economic base of the nation, introduced AADS.

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Okowa said that the scheme which was designed to engage unemployed youths in agricultural activities would help maintain food stability in the state.

He said that the loan would be repaid in five years inclusive of the12-month moratorium at nine per cent interest per annum.

Okowa said: “The credit facility will be accessed by the states through their Deposit Money Bank.

“Zenith Bank Plc has offered the state N1.5 billion for the AADS facility at underpricing and tenor terms were indicated by CBN.

“It is planned that the loan would be deployed and utilised to support interaction, development, transformation and sustainability of the entire aquaculture value chain.

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“I wish to also inform the assembly that the State Executive Council at its sixth meeting of 2018 considered and approved that government through the Ministry of Agriculture obtains the loan.”

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