CBN delivers over N100B fertilizer for nation wide distribution

*Stakeholders query....

The Central Bank of Nigeria ( CBN) has said it will deliver 2.15 million bags of fertilizer valued at over one Hundred Billions Naira for onward distribution to farmers through the Federal Ministry of Agriculture and Food Security ( FMAFS). Although some stakeholders in the sector have queried why should the Apex bank embark on such outrageous procurement.

CBN Governor, Mr. Olayemi Cardoso said this yesterday during his visit to the minister of Agriculture, Sen. Abubakar Kyari in Abuja.

Cardoso pointed the fertilizers intervention is coming on the heels of the need to ensure food price stability against inflation considering that a substantial portion of household expenditure is on food in Nigeria.

" We aim to enhance our partnership with the Minister of Agriculture, thereby bolstering your endeavors to enhance food productivity and security, and ultimately curbing food inflation and fortifying our pursuit of price stability"

He continues " In pursuit of this goal, we are delighted to announce the allocations of 2.15 million bags of fertilizer valued at over N100 billion which we are humbly handing over to the FMAFS"

However negative reactions have trailed the CBN fertilizers procurement saying 2.15 million bags at a valued price of over N100bn called for mathematical calculation query of the unit price of the items.

They added whether there was any formal request for such by the FMAFS with numbers and type of fertilizer specification to be procured.

One of those who complained to us said that the CBN process may end to be full of fraud since it claimed to have procured such a huge numbers of fertilizers without full consultation with the ministry that has the mandate to determine needed numbers and specification due to ecological soil type.

Our anonymous argued that the climate smart agriculture has demanded the type of fertilizer to be applied as against blanket application pointing how can CBN substantiate N100b to the procurement of just 2.15 million fertilizer bags.