ABP: RIFAN, CBN Oversee Sellout of 36,000 Bags of Rice in Taraba

Beneficiaries of the Anchor Borrowers’ Programme (ABP) in Taraba State have successfully sold out 36,000 bags of rice produced during the 2019/2020 dry season.

The feat was abetted by the Rice Farmers Association of Nigeria (RIFAN) chapter of the state and the Central Bank of Nigeria (CBN) via the ABP.

Following the ban on rice importation, the mass production scheme was conceived to reduce the price of the staple food, nationwide.

The RIFAN Taraba chapter over the weekend flagged off the sales of paddy rice to millers in the state.

Secretary of the state’s RIFAN, Mamman Rabiu revealed that the association signed a Memorandum of Understanding (MoU) with the millers to sell the products at a subsidised rate, to the consumers.

“36,000 bags of paddy rice were sold to the integrated millers, local millers, women groups, among others at the subsidised price of N11,000 per 100-kilogram bag

“The 36,000 bags were collected from members of RIFAN as 30% equity of the 2019/2020 dry season recovery. The paddy was sold to millers in the local communities. And they are expected to process the paddy and sell it back to the community at a subsidised price

‘For example, there are plans to sell a processed bag of rice at N15,000 per 50-kilogram bag. It is worth mentioning here that a 50kg local bag of rice sells at an average N18,000 in Taraba state.

“On the other hand, the RIFAN agreement will see small holding millers; who don’t have machinery for de-stoning and polishing, etc, to sell their 50kg bag at between N13,000-N13,500,” Rabiu said.

The secretary noted that the agreement also covers millers with bigger machinery for de-stoning and polishing.

Rabiu further lauded CBN’s effort in partnering with the Federal Government to achieve its mandate, via the ABP.

“President Buhari’s action against hunger and ensuring food security was made possible by CBN under the dynamic leadership of Mr. Godwin Emefiele.

“In keeping with his promise to run a Central Bank that would serve the growth and development needs of the country, Emefiele ensured that CBN becomes a strategic driver of the economic growth of the country.

“The CBN under him has introduced various initiatives for concessionary funding of agriculture, which is widely recognised as the sector that has the potential to drive economic growth at affordable prices,” Rabiu stated.


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