According to report reaching OYOGist.com, the Federal Government of Nigeria through the Central Bank has announced the extension of loan facilities for beneficiaries of Agricultural Credit Guarantee Scheme.
This announcement was made in a post released by the CBN on its Twitter handle revealed extensions in the loan facilities for both collateral and non-collateral credit facilities.
Agricultural Credit Guarantee Scheme was an initiative of the Federal Government aimed at making loans accessible to real farmers for improved production and employment opportunities in the agricultural sector of Nigeria’s economy.
On Tuesday, the CBN revealed that the collateral based loans have been extended as follows :
- For individuals , corporate societies and corporate entities , collateralized loans have been extended from maximum amount of 10 million Naira to 50 million Naira.
- For non-collateralized loans, the maximum amount now 1000,000 Naira.
CBN made it clear that the extensions were done in accordance with the Amended Act 2019 of the laws establishing The Agricultural Credit Guarantee Scheme.