President Bola Tinubu has ordered the Bank of Agriculture to clear ₦30 billion owed to agro-dealers.
The payment covers 2024 dry and wet season programmes, with funds from the African Development Bank.
President Bola Tinubu has directed the Bank of Agriculture (BOA) to immediately clear arrears of ₦30 billion owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).
According to a statement released on Wednesday by the bank’s External Media Relations Lead, Judith Ekwebelem, the directive follows the release of the second tranche of funds from the African Development Bank (AfDB) to support Nigeria’s agricultural financing programmes.
The Federal Government has appointed BOA as the custodian of all agricultural financing program funds, with a mandate to ensure smooth and timely disbursement.
“The bank has pledged to execute the approved payment schedule with urgency, using its robust electronic wallet system to pay all compliant agro-dealers within 24 hours, while also providing weekly progress updates until completion,” Ekwebelem said.
She explained that the ₦30 billion covers outstanding obligations from the 2024 dry and wet season programs.
Ayo Sotinrin, Managing Director/Chief Executive of BOA, described the appointment as a historic responsibility for Nigeria’s agricultural sector.
“This is more than just a fund; it is a bold commitment to ensuring our nation’s food security. By working with the NAGS-AP team, we are streamlining bureaucratic processes to deliver payments directly to agro-dealers and suppliers. We are unlocking opportunities for farmers to move beyond subsistence into sustainable agribusiness,” he stated.
Sotinrin added that eligible suppliers must open BOA accounts for claim processing, noting that registration is free and can be completed online.
The directive was reinforced by Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who ordered that the process be treated with the highest urgency.
