President Bola Ahmed Tinubu has directed the Bank of Agriculture (BOA) to immediately clear outstanding arrears owed to agro-dealers and input suppliers under the National Agricultural Growth Scheme and Agro-Pocket (NAGS-AP).

The presidential order followed the release of ₦30 billion by the African Development Bank (AfDB) as the second tranche for implementing the scheme.

A statement issued on Monday by BOA’s External Media Relations Lead, Judith Ekwebelem, in Benin City, confirmed the directive and said it was aimed at fast-tracking support for farmers and stabilising the country’s food supply chain.

Naijaonpoint understands that the bank has now been formally appointed as custodian of all agricultural financing programme funds, with a mandate to ensure timely disbursement to critical players in food production.

According to the statement, the BOA will execute the payment schedule with urgency using its electronic Wallet system. All compliant agro-dealers are expected to receive funds within 24 hours, with weekly progress updates provided until the exercise is completed.

Managing Director/Chief Executive of BOA, Ayo Sotinrin, described the release as a turning point for Nigeria’s agricultural sector.

“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,” Sotinrin said.

Sotinrin explained that the BOA is working closely with the NAGS-AP team to eliminate bottlenecks.

“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,” he added.

Sotinrin urged all beneficiaries to comply promptly with the requirements, warning that delays in compliance could affect processing.

He further pledged the bank’s commitment to driving Nigeria’s agricultural transformation in line with the Federal Government’s Renewed Hope Agenda.