President Bola Tinubu has directed the Bank of Agriculture (BOA) to clear outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP), following the disbursement of N30 billion from the African Development Bank (AfDB).
The presidential directive, designed to accelerate support for farmers and stabilise Nigeria’s food supply chain, also appoints BOA as the custodian of all agricultural financing programme funds.
Judith Ekwebelem, external media relations lead for BOA, stated that this initiative marks a significant turning point for the agricultural sector. She emphasised that BOA is tasked with ensuring efficient and timely disbursement of funds to key stakeholders in food production.
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The bank pledged to implement the approved payment schedule urgently using its advanced electronic wallet system to ensure payments to all compliant agro-dealers within 24 hours, while providing weekly progress updates until completion.
According to The Guardian, BOA confirmed that the N30 billion represents the second tranche released by AfDB for NAGS-AP implementation and is earmarked for settling outstanding obligations from the 2024 dry and wet season programmes.
Ekwebelem added that the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has instructed that the process be treated with the highest priority.
According to BOA Managing Director/Chief Executive, Ayo Sotinrin, the NAGS-AP Secretariat and BOA formally began the exercise on September 18, 2025, with the handover of beneficiary data.
“This is a truly defining moment for our agricultural sector. This is more than just a fund; it is a bold commitment to ensuring our nation’s food security. By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers,” Sotinrin said.
He added, “We are unlocking opportunities for farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”
Sotinrin outlined the conditions for pre-qualified and registered agro-dealers and suppliers eligible for payment under the scheme. These include opening a BOA account, a mandatory step for claim processing. Registration is free and can be completed online.
Eligible beneficiaries must also have been selected under NAGS-AP prior to 2025, have received at least one payment under the scheme, and complete account activation to enable rapid processing, with claims settled within one business day once verified.
He urged all beneficiaries to comply promptly, warning that failure to meet requirements could result in processing delays.
