Nigeria’s Vice President Directs Expedited Disbursement of ₦250 Billion Loan for Farmers

Nigeria’s Vice President, Kashim Shettima, has instructed the Presidential Food Systems Coordinating Unit (PFSCU) to swiftly dispense ₦250 billion in credit support to smallholder farmers at a single-digit interest rate.

This move aims to boost the country’s food security and support local farmers.

During the 6th meeting of the PFSCU Steering Committee, Shettima emphasized the need for a robust implementation plan to ensure the funds reach the intended beneficiaries and translate into tangible productivity gains.

He praised President Bola Tinubu for granting the PFSCU the necessary political backing to drive reforms, particularly fertilizer liberalization and the Presidential Seed Fund.

The PFSCU has made notable progress, including insuring 250,000 farmers under the National Agribusiness Policy Mechanism and launching the Harvesting

Hope Caravan in eight states. The unit has also secured approval for a ₦50 billion Seed Fund and made progress on the World Bank-supported $500 million AGROW program.

Governors from Ekiti, Jigawa, and Cross River states attended the meeting, stressing the importance of effective implementation and calling for financial support for the PFSCU.

Ekiti State Governor Biodun Oyebanji pledged his state’s readiness to provide monthly financial assistance to the unit.

The initiative underscores the shared responsibility of federal, state, and local governments, the private sector, and farmers in sustaining agricultural progress. With 30.8 million Nigerians still food insecure, the PFSCU’s efforts aim to protect fragile food security gains and drive meaningful progress.