The Central Bank of Nigeria (CBN) has directed that loans granted to about 550,000 rice farmers in the country who were affected by the 2018 flooding be structured for another four years as a form of compensation.
This was disclosed by the National President of Rice Farmers Association of Nigeria (RIFAN) Aminu Goronyo on Tuesday in Abuja.
Goronyo said: “Instead of paying the loan in three installments within a year, the loan will be restructured to be paid within four years now and be paid by installments.’’
Goronyo further said that only the affected farmers under the RIFAN/CBN/ABP model programme would benefit from the compensation, adding that the resolution was an outcome of a meeting with the Director, Developing Finances of CBN and RIFAN executive.
The RIFAN president, who said his association only championed the case of affected farmers under its care, expressed the hope that all the registered farmers under the Anchor Borrowers Programme that were affected would benefit from it.
The CBN, according to Goroyo, has also directed that a fresh loan should be given to the affected farmers so that they could go back to the field and recover their losses.
“RIFAN is working on the Federal Ministry of Agriculture and Rural Development, the Presidency and the CBN to compensate the victims as promised by President Mohammadu Buhari.
“RIFAN is also seeking assistance from the CBN to restructure the loans to alleviate the suffering of the affected farmers and make them go back to the field,’’ he said.