CBN Releases N501bn For Commercial Agric Credit Scheme

Central Bank of Nigeria (CBN) has so far released a total sum of N501.697bn under the commercial agriculture credit scheme (CACS). The fund was deployed to boost 526 agriculture projects.

Official document showed that total repayment under the scheme was N251.156 billion in respect of 526 projects, out of which 281 projects had fully been repaid as at the end of September 2017.

According to Eyes of Lagos, outstanding balance with lending banks was N250.541 billion.

The CACS was established by the federal government and is financed from the proceeds of the N200b three-year bonds raised by the Debt Management Office (DMO).

The fund is made available to participating banks to finance commercial agricultural enterprises