Barau applauds Tinubu on BOA N1.5triilion recapitalisation

…as Barau I Jibrin Foundation, BOA sign MoU on N2.79billion loan scheme for 558 farmers 

From Adesuwa Tsan, Abuja

The Deputy President of the Senate, Sen. Barau Jibrin, on Thursday commended President Bola Tinubu for apptoving the re – capitalisation of Bank of Agriculture (BOA)  with N1.5trillion.

Barau said this at a small ceremony held in his office to mark the signing of a Memorandum of Understanding (MoU) between his foundation, the Barau I Jibrin Foundation (BIJF) and the Bank of Agriculture (BOA) on a N2.79billion loan scheme for 558 young farmers  across 186 local government councils in seven states in the north west region.

“The boosting of the capital base of Agriculture with re – capitalisation of the Bank of Industry with N1.5trillion as contained in the N54.9trillion 2025 budget by President Bola Tinubu is highly commendable,” he said.

Each farmer is to be empowered with a loan of N1 million to cultivate specific food crops on their states under the Barau’s Initiative for Agricultural Revolution in Nigeria  (BIARN).

Speaking on the MoU, the Deputy Senate President added, ” The Memorandum of understanding on N2.79billion loan Scheme to raise 558 young millionaire farmers in North West just signed  by me with the Bank of Industry under the   Barau I Jibrin Foundation (BIJF) is meant to leverage on the boosting of capital base of BOA for revolutionising Agriculture in the country in tandem with  Barau’s Initiative for Agricultural Revolution in Nigeria  (BIARN).

“This  initiative is envisioned to complement the Federal Government’s policies on food security and food sufficiency in the country.

“It  is geared towards revolutionising agriculture in Nigeria , particularly in the North West  geo – political zone which  at the first stage , aims  at  raising 558 young farmers  millionaires  in the zone  on the basis of three per each of the 186 local government councils.”

On the criteria for qualifying for the loan, the lawmaker explained, “The N2.79billion loan scheme will not only drive productivity in the agricultural sector in the North West but facilitates prosperity through gainful  engagement of the targeted  beneficiaries who are to be in the categories of Higher National Diploma (HND), Bachelor’s Degree, Masters Degree and Ph.D holders  and ultimately end up as employers of labour with capacity to raise millionaire farmers.”

In his address earlier, the Managing Director of Bank of Agriculture ( BOA), Alwan Ali Hassan, expressed confidence that the initiative will be well implemented and successful.

He noted that BOA welcomes the initiative to revolutionise agriculture in the northwest region with 558 young farmers starting with cultivation of maize and rice.