(Ecofin Agency) - The Government of Jigawa has revealed plans to access a N5 billion ($16 million) loan facility from the Central Bank of Nigeria (CBN) to finance agricultural developments in the state.

Bala Ibrahim, the State Commissioner for Information, Youth and Sports, who disclosed this during a news conference in Dutse, said the decision was taken by the state executive council. The facility is aimed at helping the state achieve its desire to develop agriculture in the state by providing agricultural loans to support farmers and procure fertilizers for them, amongst others.

According to him, the loan would be accessed under the Commercial Agriculture Credit Scheme of the CBN at an interest rate of 9% per annum. This is to be repaid over a 96-month period through the Irrevocable Standing Payment Order (ISPO).

Ibrahim disclosed that the loan facility is subject to the approval of the state House of Assembly.

Anita Fatunji