President Bola Tinubu has ordered the Bank of Agriculture to settle outstanding arrears of N30 billion owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket.

In a statement on Wednesday, BOA’s External Media Relations Lead, Judith Ekwebelem, said the directive followed the release of funds from the African Development Bank.

She explained that the intervention is intended to boost farmer support and stabilise Nigeria’s food supply chain.

The Federal Government has further designated the BOA as custodian of all agricultural financing programme funds.

“The bank has, however, pledged to execute the approved payment schedule with urgency using its robust electronic wallet system to achieve payment to all complying agro-dealers within 24 hours, while also providing weekly progress updates until completion,” she said.

She explained that the N30 billion represents the second tranche released by the African Development Bank for the implementation of NAGS-AP, noting that the funds are meant to clear outstanding obligations from the 2024 dry and wet season programmes.

“Minister of Finance and Coordinating Minister of the Economy, Wale Edun, directed that the process be treated with the highest priority. Accordingly, the NAGS-AP Secretariat and BOA formally kicked off the exercise on September 18, 2025, with the handover of beneficiary data.”

According to the statement, BOA Managing Director/Chief Executive, Ayo Sotinrin, described the designation as a historic responsibility.

He said, “This is a truly defining moment for our agricultural sector. This is more than just a fund; it is a bold commitment to ensuring our nation’s food security.

“By working hand-in-hand with the NAGS-AP team, we are cutting through bureaucratic delays to get payments directly to agro-dealers and suppliers. We are unlocking opportunities for farmers to move beyond subsistence farming into sustainable and profitable agribusiness.”

The statement added that BOA has set out conditions for pre-qualified and registered agro-dealers and suppliers eligible for payment under the scheme, including the mandatory requirement of opening a BOA account as a prerequisite for processing claims.