In his reaction to the popular CBN fund earmark to boost food security in Nigeria, Seasoned entrepreneur and Politician Olanrewaju Michael George (OMG) has said that the fund will never achieve its aim.
Brand Spur Nigeria recalls that the last Wednesday Central Bank of Nigeria (CBN) has revealed that it has disbursed N1.487 trillion under its various agricultural programmes to boost food security.
The CBN Governor, Mr Godwin Emefiele said that the apex bank disbursed N107.60 billion to 548,109 farmers cultivating 703,619 hectares of land between the fourth quarter of 2020 and the first quarter of 2021 to boost dry season output.
Reacting, Olanrewaju said the country can not continue to do things the same way and expect different results.
“This fund had never and will never achieve the aim at which it is meant for. We have been doing the same thing for a very long time and expecting different results”
In his suggestion, Olanrewaju said that the money should be disbursed to commercial banks at zero interest rate instead, for easy access by registered farmers in the nation.
“It is only a mad man that will continue to things the same way and expect a different result, and I know Nigerians are not mad. All we just need to do is give this money to commercial banks at zero interest rate to disburse to real farmers which have their KYC”.
He said that commercial banks already have their ways of recollecting their loans with a proper follow-up on their clients.
“Commercial banks already have their ways of recollecting their loans and how to follow up on the client to ensure the money is spent truly on food security,” He said
He added that the fund will also increase the running capital of commercial banks.
“Besides this will increase the running capital of our commercial banks, leading to more innovative and effective delivering of their services”.