No fewer than 3,383 farmers, who benefited from the N364 million loan in Taraba State between 2018 and 2019, are on the run. The state chapter of Rice Farmers Association of Nigeria (RIFAN) disclosed this to The Guardian, corroborating an earlier publication on July 22, 2020, that recouping about N240 billion ‘revolving’ credit facilities granted to small-scale businesses had flopped. Acting chairman of RIFAN, Tanko Andami, said the amount was collected as loans for both wet and dry season farming in 2018 and 2019. About N5.4 billion was advanced to the farmers under MAAN, but no repayment had been concluded when the disruption came around February/March, he said. “But this was less successful as many middlemen were allowed to intervene, which distorted prices and [hence] reduced farmers’ revenue, leading to payback defaults,” he added.

Source: The Guardian August 24, 2020 04:18 UTC