W’Bank supported ACReSAL disburses $2.53m loans to 7,340 Yobe farmers
By Njadvara Musa, Maiduguri
The World Bank supported Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, has disbursed $2.53 million, (approximately N4 trillion ) revolving loans to 7,340 farmers in Yobe state.
Signing the memorandum of understanding (MoU) for the Community Revolving Fund (CRF) in Damaturu, the State’s ACReSAL Project Coordinator, Shehu Mohammed stated, “The CRF initiative marks the begining of a transformative phase in community empowerment, sustainability, and the resilience of farmers to improve their livelihoods.
He revealed that the community reviving Fund is a non-interest loans aimed at stimulating economic activities improve their livelihoods in semi-arid communities of the state.
The Coordinator urged the beneficiaries from the targeted 101 communities to be responsible in the financial management of the N4 trillion revolving loans.
He further disclosed that each of the 482 community and cooperatives farming groups will receive $25,000 (approximately N40 million).
He urged them judiciously use and repay the loans, so that others farmers could benefit from the non-interest CRF to boost food security and employment in the state.
In sustaining the CRF, Mohammed said, “You’re to exercise discipline, a countability, and prudence to ensure the sustenance of revolving loans beyond the life-span of ACReSAL project implementation.
The Commissioner of Environment, represented by the Permanent Secretary, Tonga Bularafa, who serves as the Chairman, steering committee at the signing of MoU event said, “The reviving fund initiative represents Governor Mai Mala Buni’s commitment to supporting farmers,” noting that it will foster innovation to enhance productivity in the agricultural sector of the economy.
Beyond the productivity of farmers, Bularafa added that the agricultural and livestock sectors have recorded an unprecedented progress in climate-smart agriculture and animal husbandry.
He reminded the farmers that the W’Bank supported project was to combat environmental degradation to promote climate-smart livelihoods in the 19 states of the country,, including Abuja, the Federal Capital Territory.
According to him, Yobe is among the eight pilot states that has implemented the CRF loans to 101 communities.
