No fewer than 2,000 women farmers in the northern part of Cross River State are to receive a N1 billion credit facility from Zenith Bank to cultivate cassava and yellow maize.
The state House of Assembly passed a resolution granting approval to the state government to accept the offer of credit facility from the bank, which is at an interest rate of 9 per cent over a period of 36 months.
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The women farmers are to use the loan to cultivate the two crops on 5,000 hectares of land in the northern senatorial district of the state.
Governor Ben Ayade had sought approval of the Assembly for the credit facility in a letter presented by the secretary to the state government, Tina Agbor.
The letter stated, “The Cross River State executive, on Thursday, March 4, 2021, considered and approved the acceptance of the offer of the loan facility of N1 billion only from Zenith Bank Plc.”
The lawmakers, in a resolution moved by the House leader, Rt. Hon. Peter Odey (Ogoja) and seconded by the whip, Rt. Hon. Okon Ephraim (Calabar South I), agreed that the facility be approved, adding that it should be extended to the central and southern senatorial districts in due course.
The Speaker, Rt. Hon. Eteng Jonah Williams (Yakurr 2) directed the clerk to forward clean copies of the resolution to the governor.