CBN disburses N16.4m to 97 cotton farmers in Edo

The Central Bank of Nigeria (CBN) on Wednesday distributed farm inputs and started the disbursement of N16.4 million loan to cotton farmers in Edo.

“Ninety seven farmers are expected to benefit from the farm inputs,’’ Mr Morris Oluwole, the state Chairman of National Cotton Association of Nigeria made this known during the distribution at Akoko Council Area.

The items were 743 bags of fertilisers, 110 Knapsack Sprayers, 106 improved cotton seeds and 110 cartoons of chemicals.

“A total of 97 farmers have been screened and CBN will immediately start disbursement of N170, 000 to each farmer.

“We want to thank the CBN for the farm inputs and for giving us the opportunity to access the fund directly; very soon individuals will be receiving the money credited to their accounts in readiness for the project,’’ he said.

The Commissioner for Agriculture and Natural Resources, Mr Monday Osaigbovo urged the beneficiaries to use the loans judiciously.

“The farm inputs and money given to you is for the cultivation of cotton in the state.

“And the state the government has set up machinery in place to monitor your farms and to ensure the increase of cotton production in the state.’’