The Bank of Agriculture (BoA) has expressed worry over being owed the sum of N37.4 billion from a current loan portfolio of N47.2 billion by Micro, Small, Medium Enterprises (MSMEs) and large scale outfits in the agricultural and non-agricultural sector.
Chief Executive Officer of the BoA, Kabir Adamu decried the situation when he received the senate committee on agriculture led by its chairman, Abdullahi Adamu.
The BoA CEO noted that only about N10 billion of the bank’s portfolio of N47 billion lent to MSMEs and large scale firms within and outside the agriculture sector has been paid leaving an outstanding debt of N37 billion.
He also identified insufficient funding and lack of inclusion in the federal government’s budget for its recurrent and capital expenditure as a major setback to the performance of the bank.
Kabir Adamu therefore pleaded with the committee to help make an appeal on BoA’s behalf to President Muhammadu Buhari for the provision of funds that would allow the bank manage effectively, agricultural interventions.
Responding, chairman of the senate committee on agriculture, Abdullahi Adamu encouraged the BoA boss to formally present all challenges in writing, while assuring that the committee would notify the President accordingly.