CBN okays compensation for 550,000 rice farmers affected by flood

The Rice Farmers Association of Nigeria said the Central Bank of Nigeria has approved compensation for over 550,000 rice farmers affected by the 2018 flood disaster.

RIFAN National President, Alhaji Aminu Goronyo, on Tuesday in Abuja told News Agency of Nigeria that the CBN Governor had directed that the loan should be restructured for a period of four years.

Goronyo said: “Instead of paying the loan three instalments within a year, the loan will be restructured to be paid within four years now and be paid by instalments.”

Goronyo said only the affected farmers under the RIFAN/CBN/ABP model programme would benefit from the compensation.

He said the resolution was an outcome of a meeting with the Director, Developing Finances of CBN and RIFAN executive.

He said RIFAN only championed the case of affected farmers under its care but expressed the hope that all the registered farmers under the Anchor Borrowers Programme that were affected would benefit from it.

Goroyo said the bank had also directed that a fresh loan should be given to the affected farmers so that they could go back to the field and recover their losses.

He said: “RIFAN is working on the Federal Ministry of Agriculture and Rural Development, the Presidency and the CBN to compensate the victims as promised by President Muhammadu Buhari.

“RIFAN is also seeking assistance from the CBN to restructure the loans to alleviate the suffering of the affected farmers and make them go back to the field.”

He said another meeting on adequate compensation to the affected farmers under the RIFAN/CBN/ABP model programme of the Nigerian Agricultural Insurance Corporation indicated that succour was on the way for farmers negatively impacted by the excessive rains of 2018.

Goronyo said the compensation programmes were being finalised by NAIC and very soon affected farmers would be paid their claims.

He recalled that all the affected farmers that obtained ABP loans for the rainfall farming had appealed to the government to look into the matter.

Goroyo said inspections of the affected states showed that the flood had submerged thousands of hectares of maize and rice farmlands.

NAN recalls that the flood destroyed over 100,000 hectares of rice farms in Jigawa State and affected 19,000 rice farmers across the 23 local government areas of the state.

Also Sokoto State said it lost an estimated 61,197 tonnes of rice valued at N27.5 billion because of the flood during the last cropping season.

Also in RIFAN, Adamawa State chapter, over 5,000 of its members were affected by the flood.