The Central Bank of Nigeria has disbursed fifteen billion naira to farmers in the twelve Months ending November 2019 under its Commercial Agriculture Credit Scheme.
This however represents seventy-seven percent decline when compared to the sixty-six billion naira disbursed to farmers under the scheme in the preceding twelve months ending November 2018.
Introduced in 2009, the scheme was designed to fast-track the development of the agricultural sector of the Nigerian economy by providing credit facilities to large-scale commercial farmers at a single digit interest rate.
The scheme is financed through a two hundred billion naira bond raised by the Debt Management Office.
Meanwhile, with the signing of the Finance Bill, 2020 into law by President Muhammadu Buhari, Nigerians will begin to pay the new increment of seven point five per cent as Value Added Tax VAT.
President Buhari assented to the bill barely a month after its passage by the National Assembly and subsequent forwarding by the legislature to the President for assent.
Recall that President Buhari, while presenting the 2020 Appropriation Bill to the National Assembly, also presented the Finance Bill.
The draft Finance Bill proposes an increase of the VAT rate from five per cent to seven point five per cent, as such, the 2020 Appropriation Bill is based on this new VAT rate.
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