The Deputy President of the Senate, Senator Barau Jibrin, has commended President Bola Tinubu for the recapitalization of the Bank of Agriculture (BOA) with N1.5 trillion.
Senator Barau made the commendation in his office on Thursday after signing a Memorandum of Understanding (MoU) with BOA for a N2.79 billion loan scheme aimed at raising 558 young millionaire farmers across the seven states and 186 local government councils in the North West geopolitical zone.
“The boosting of the capital base of the agricultural sector through the recapitalization of the Bank of Agriculture with N1.5 trillion, as outlined in the N54.9 trillion 2025 budget by President Bola Tinubu, is highly commendable,” he stated.
Barau reiterated that the Memorandum of Understanding (MoU) on the N2.79 billion loan scheme, aimed at raising 558 young millionaire farmers in the North West, is designed to leverage the enhanced capital base of the Bank of Agriculture (BOA) to revolutionize agriculture in the country. This initiative aligns with the Barau Initiative for Agricultural Revolution in Nigeria (BIARN).
“This initiative is envisioned to complement the Federal Government’s policies on food security and self-sufficiency. It aims to transform agriculture in Nigeria, particularly in the North West geopolitical zone. In its first phase, the scheme will empower 558 young millionaire farmers, selecting three beneficiaries from each of the 186 local government councils.”
He further explained that the N2.79 billion loan scheme would not only enhance productivity in the agricultural sector in the North West but also foster economic prosperity by providing gainful employment to beneficiaries.
The program targets individuals with Higher National Diplomas (HND), Bachelor’s, Master’s, and Ph.D. degrees, equipping them to become successful agripreneurs and job creators, with the capacity to establish and mentor millionaire farmers.
Earlier in his remarks , the Managing Director of the Bank of Agriculture ( BOA), Alwan Ali Hassan , assured Senator Barau that his initiative on the loan scheme will be well implemented and coordinated very successfully.
According to him, BOA is very happy with the initiative to revolutionize Agriculture in Northwest geo – political zone towards raising 558 young farmers millionaires in the area of Maize and Rice cultivation as starting point.
Rel/ Bashir M
