Reps to investigate agricultural loans, disbursement to farmers

The House of Representatives has mandated its committee on banking and currency to investigate disbursements of all agricultural loans and credit facilities to farmers. followed the adoption of a motion by Rep.

 Chike Okafor (APC–Imo) on the floor of the House on Wednesday in Abuja.Speaking on the motion, Okafor said the investigation should commence from 2009 to enhance national food security.He said from 2009 to date, the Government approved  disbursement of funds to farmers in various schemes to the tune of over N275 billion. according to him, ranges from commercial agricultural credit scheme to Nigeria Incentive-Based Risk Sharing for Agricultural Lending (NIRSAL).

He said the gesture to help farmers to improve agricultural and guarantee food security in the .According to him,  since the approval, most farmers have not been able to access the loans due to stringent conditions attached to the loan.

He said the conditions attached by banks from prospective borrowers had made it impossible for them to access the loan.He expressed concern food had not attained the expected level  in spite of the approval of over N 275 billion facilities to farmers.He expressed worry the projected diversification of the economy from an oil base to agricultural base would not be achieved.(NAN)