Governor Ahmadu Umaru Fintiri has directed the conclusion of all processes and immediate disbursement of credit to livestock and grains merchants at livestock and grains markets under the Adamawa State Agribusiness Support Programme within two weeks.
The programme, which was approved by the ADAS Board for the sum of one billion naira, has also been doubled to two billion naira on the directive of H.E. Governor Ahmadu Umaru Fintiri. In line with this directive, the number of beneficiaries will also be doubled to expand the scheme to more beneficiaries.
The programme, which is designed to provide working capital to livestock and produce merchants, is expected to improve financial transactions in the market, upscale working capital for the beneficiaries, increase income for market stakeholders and boost the local economy and Internally Generated Revenue (IGR) of the state under the state Agri-Business Support Programme Credit Guarantee Scheme.
In an interview, the Head of Component Three of the ADAS Programme, who also serves as Executive Secretary of the Adamawa State Agribusiness Financing Agency, Alhaji Musa Hammanadama, disclosed this during a stakeholders’ engagement held in collaboration with Adamawa Mortgage Bank Limited and livestock merchants.
The meeting focused on pre-disbursement guidelines for beneficiaries of the ADAS-P Credit Guarantee Scheme.
Hammanadama revealed that all necessary arrangements had been concluded to commence the pilot phase of the disbursement within one week.
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.
Providing further clarification, the Lead Consultant and Chief Operating Officer of the programme, Alhaji Yunusa Ibrahim Gafai, explained that the system 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 comply strictly with the repayment terms and bank 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 by ensuring proper utilization and timely 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.