Flooding: CBN to Compensate 550,000 Affected Rice Farmers

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  • Flooding: CBN to Compensate 550,000 Affected Rice Farmers

The Rice Farmers Association of Nigeria says the Central Bank of Nigeria 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, Alhaji 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.

He said that the resolution was an outcome of a meeting with the director, developing 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.

He said, “RIFAN is working with 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 that another meeting on adequate compensation to the affected farmers under the RIFAN/ CBN/ ABP model programme and Nigerian Agricultural Insurance Corporation indicated that succour was on the way for farmers negatively impacted by the excessive rains of 2018.

Goroyo said that the compensation programmes were being finalised by NAIC and affected farmers would be paid their claims very soon.

He recalled that all the affected farmers that obtained ABP loans for the rainfall farming had appealed to the government to look into the matter.

Goroyo said that inspections of the affected states showed that the flood had submerged thousands of hectares of maize and rice farmlands.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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