Barau commends Tinubu on BoA’s N1.5trn re-capitalisation  

The Deputy President of the Senate, Barau Jibrin, has commended President Bola Ahmed Tinubu for the re-capitalisation of the Bank of Agriculture (BoA) with N1.5 trillion.

Senator Barau made the commendation Thursday, after signing of Memorandum of Understanding (MoU) with BoA on a N2.79 billion loan scheme for raising 558 young millionaire farmers  across the seven and 186 local government councils in the North- west.

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

“The Memorandum of Understanding on N2.79 billion loan Scheme to raise 558 young millionaire farmers in the 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 farmer-millionaires  in the zone  on the basis of three per each of the 186 local government councils.

“The N2.79 billion loan scheme will not only drive productivity in the agriculture sector in the North-west, but will facilitate 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 PhD holders and ultimately end up as employers of labour with capacity to raise millionaire farmers.”

Earlier, in his remarks, BoA’s Managing Director, Alwan Ali Hassan, assured Senator Barau that his initiative on the loan scheme would be well implemented and coordinated successfully.

“BoA is very happy with the initiative to revolutionise Agriculture in North-west geo-political zone towards raising 558 young farmer-millionaires in the area of maize and rice cultivation as a starting point,” he said.