CBN Approves Compensation Package For Rice Farmers Affected By Flooding
Flooding took its toll on rice farmers across Nigeria in 2018, taking with it tons of rice produce worth billions of Naira.
But succour has come the farmers’ way, as the Rice Farmers Association of Nigeria, RIFAN says the Central Bank of Nigeria, CBN has approved compensation for over 550,000 rice farmers affected by the 2018 flood disaster.
The News Agency of Nigeria, on Tuesday, quoted the National President, RIFAN, Aminu Goronyo, as saying that the CBN Governor, Mr Godwin Emefiele, had directed that the loans of the affected farmers should be restructured for a period of four years.
“Instead of paying the loan three instalments within a year, the loan will be restructured to be paid within four years now and be paid in instalments,” he stated.
Goronyo stated that only the affected farmers under the RIFAN/CBN/ABP model programme would benefit from the compensation.
This implies the only farmers covered are the ones covered by the CBN’s Anchor Borrowers’ Programme and are RIFAN members.
He said that the resolution was an outcome of a meeting with the director, development finances of CBN and RIFAN executive.
He said RIFAN only championed the case of affected farmers under its care but expressed hope that all the registered farmers under the Anchor Borrowers Programme that were affected would benefit from it.
Goroyo said that the bank had also directed that fresh loans should be given to the affected farmers so that they could go back to the field and recover their losses.
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