President Bola Tinubu has directed the Bank of Agriculture (BOA) to settle N30 billion in outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).
The directive follows the release of funds from the African Development Bank (AfDB), which represents the second tranche for the scheme, covering obligations from the 2024 dry and wet season programmes.
According to Judith Ekwebelem, BOA’s External Media Relations Lead, the bank has been designated as custodian of all agricultural financing programme funds, with a mandate to ensure timely disbursement.
Ekwebelem stated that BOA would leverage its electronic wallet system to make payments to registered agro-dealers within 24 hours, while providing weekly progress updates.
The exercise formally commenced on September 18, 2025, after the NAGS-AP Secretariat handed over beneficiary data.
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Minister of Finance and Coordinating Minister of the Economy, Wale Edun, ordered the process to be treated with top priority, underscoring its role in stabilising Nigeria’s food supply chain.
BOA Managing Director, Ayo Sotinrin, described the assignment as a defining moment for Nigeria’s agriculture.
“This is more than just a fund; it is a bold commitment to ensuring our nation’s food security. We are cutting through bureaucratic delays to deliver directly to agro-dealers and suppliers, unlocking opportunities for farmers to move beyond subsistence into sustainable agribusiness,” he said.
The bank outlined that only pre-qualified agro-dealers and suppliers with BOA accounts are eligible for payment, with registration free and accessible online.
Tinubu, in a recent meeting with Brazilian President Luiz Inácio Lula da Silva, reaffirmed his commitment to removing bureaucratic bottlenecks hindering agriculture.
He noted that reforms underway aim to position Nigeria for global competitiveness and achieve food sovereignty through stronger sector support.
