Business
CBN says donation of 2.15 million bags of fertilizers not new intervention
The Central Bank of Nigeria has indicated that the 2.15 million bags of fertilizers donated to the Ministry of Agriculture and Food Security were from the stockpile of a program initiated by the previous administration, not a new intervention effort.
In a circular posted on its website on Saturday, the apex bank stated that the donation of the blended fertilizers aimed to bolster food security within the country, preferring to distribute them rather than let them go to waste.
The bank stated that It is utilizing the leftover stock of fertilizers, originally blended for past agricultural interventions.
The CBN also reiterated its prior stance that its main function is to oversee monetary policy, and it explicitly denies participation in development financing via intervention programmes.
Earlier, ThePressNG reported that the Central Bank of Nigeria (CBN) supported the agricultural sector by distributing over 2 million bags of fertilizers, valued at N100 billion, via the Federal Ministry of Agriculture and Food Security to farmers.
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