Home News Yobe Govt, World Bank Disburse $2.5m Revolving Fund For Agricultural Development in 101 Communities

Yobe Govt, World Bank Disburse $2.5m Revolving Fund For Agricultural Development in 101 Communities

by AgroNigeria

The Yobe State Government, in collaboration with the World Bank-funded Agro-Climatic Resilience in Semi-Arid Landscapes (ACReSAL) project, has disbursed $2.525 million as a revolving fund to 101 communities to boost agricultural development.

Governor Mai Mala Buni announced this at the cheque presentation ceremony in Damaturu, stating that the initiative aims to drive economic growth, improve livelihoods, and promote sustainable development among farmers and rural communities.

“This occasion marks another milestone for the state government in supporting 101 communities with a Community Revolving Fund (CRF) loan of $2,525,000,” Buni said. He noted that 4,825 out of the 7,340 available slots were allocated to youths to maximize their participation and benefits from the program. 

He urged beneficiaries to take ownership of the initiative and ensure timely repayment to guarantee its sustainability.

ACReSAL National Coordinator, Mr. Abdul Umar, commended the Yobe Government for creating an enabling environment for the project’s success. 

He highlighted the strong acceptance and commitment of Yobe residents toward the initiative, as well as the dedication of ACReSAL staff.

ACReSAL Project Coordinator in Yobe, Alhaji Shehu Mohammed, clarified that the revolving fund is an investment loan, not a grant, designed to revitalize agricultural practices. 

He also revealed that Yobe is among eight pilot states selected by the World Bank for the implementation of the Community Revolving Fund scheme.

Speaking on behalf of the beneficiaries, Malam Ba-Isa Karasuwa expressed gratitude to Governor Buni for revitalizing the agricultural sector and assured that the funds would be put to effective use.

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