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The Nigerian Agricultural Quarantine Service (NAQS)

Tuesday, 1 August 2017

Seed companies meet the Acting President, ask for bailout



Image result for Acting President, Prof. Yemi Osinbajo
Acting President, Prof. Yemi Osinbajo

The Seed Association of Nigeria (SEDAN) had met with the Acting President, Prof. Yemi Osinbajo to seek for single digit (of 5%) bailout loan as an intervention for the survival of the sub sector towards achieving the new green revolution policy of the Federal Government.

SEDAN had, among other things, gone to complain of its predicament to the Acting President for immediate intervention, so as to rescue some of the major members from going out of business occasioned by bank interest loan rate accruement due to nonpayment of the last 2014 GES debt payment owed by the last administration.

A reliable source told us through the phone that the association’s meeting with the Acting President, Prof. Yemi Osinbajo did not really get a clear cut response, but that the presidency has promised to look into matter because of the strategic nature of the industry to food security.  

The SEDAN members were said to have been very upset with the way and manner at which preferential treatment were given to the fertilizer companies in the disbursement of the two tranches of money released last and nine months later respectively for the payment of outstanding GES debt, complained bitterly that the higher part of the money was used to offset the fertilizer companies while just a fraction of the money was given to them and agro dealers. 

It was learnt that the fertilizer companies were given preferential payments in the two tranches’ payment, as our source pointed that nine months ago a total of 20 billion naira was released with only N5 billion shared among the seed companies and agro dealers and a total of N15 billion was given to fertilizer companies alone.

Just last month also, the 12.5 billion naira was not evenly distributed as about ten billion was paid to the fertilizer companies while the remaining N2.5 billion went to both the seeds companies and agro dealers who all happened to have taken loan accruing interest from the banks.

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