Nigeria: FG approves outstanding $70m for agro-dealers to ease fertilizer distribution
(Ecofin Agency) - The Federal Government has approved the outstanding payment of N22billion ($70million) owed to agro-dealers in the country. This is aimed at ensuring the smooth distribution of fertilizers at an approved rate of N5, 500.
The National Chairman, Agro-dealers Association of Nigeria, Kabiru Fara (photo), who disclosed this on Wednesday said the FG approved the payment which was owed by the previous administration to the dealers, to ease their challenges.
“This liability was not incurred by the present administration, but we are happy that they have agreed to pay. The total amount is about N62bn ($198million), the first payment of N20bn ($63.9million) was made, another payment of N20bn ($63.9million) followed, which was about a year ago, and the balance now is $70m, which the President has approved that it be paid to agro-dealers expressly,” he explained.
Fara added that the dealers would use the money to buy what fertilizer producers produce and distribute it across the market at N5, 500. He, therefore, urged the Federal Government to ensure the quick release of the funds.