By Sahel Reporters, Yola
Governor Ahmadu Umaru Fintiri has directed the conclusion of all processes and the immediate disbursement of credit facilities to livestock and grains merchants in markets across the state under the Adamawa State Agribusiness Support Programme (ADAS-P) within two weeks.
The programme, initially approved by the ADAS Board in the sum of N1 billion, has been increased to N2 billion following the governor’s directive. In line with the increase, the number of beneficiaries has also been doubled to expand the scheme to more traders.
The initiative, designed to provide working capital to livestock and produce merchants, is expected to strengthen financial transactions in the markets, upscale beneficiaries’ capital base, increase income for stakeholders, and boost the state’s Internally Generated Revenue (IGR) under the ADAS-P Credit Guarantee Scheme.
Speaking during a stakeholders’ engagement held in collaboration with Adamawa Mortgage Bank Limited and livestock merchants, the Head of Component Three of the ADAS Programme and Executive Secretary of the Adamawa State Agribusiness Financing Agency, Alhaji Musa Hammanadama, disclosed that all necessary arrangements had been concluded to commence the pilot phase of the disbursement within one week.
The meeting focused on pre-disbursement guidelines for beneficiaries of the scheme.
Chairman of the ADAS-P Implementation Committee, Dr. Ahmed Garba, reiterated the committee’s commitment to ensuring the successful implementation of the programme, describing it as a strategic effort to empower traders and stabilize the agricultural value chain.
Further clarifying the framework, the Lead Consultant and Chief Operating Officer of the programme, Alhaji Yunusa Ibrahim Gafai, explained that the facility operates on a profit-sharing model.
He added that beneficiaries are expected to repay the loan within 18 months to enable further disbursement to other qualified traders.
Managing Director of Adamawa Mortgage Bank Limited, Malam Dauda Galadima, emphasized that the facility is not a grant but a recoverable soft loan, urging beneficiaries to strictly comply with repayment terms and other banking conditions.
In their separate remarks, Chairman of the Vibrant Cattle Marketers Association, Alhaji Rabi’u, and the Sarki Tike, Alhaji Aliyu Hamman Baraya, expressed appreciation to Governor Fintiri and the ADAS Programme for what they described as a timely intervention.
They pledged to justify the confidence reposed in them through proper utilization and prompt repayment of the funds.
Officials further disclosed that the Credit Guarantee Scheme would subsequently be extended to other livestock and grains markets across the state.
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