Home Breaking News Cattle sellers appeal for interest-free loans

Cattle sellers appeal for interest-free loans


By Bolaji Ogundele, Abuja

The Cattle Sellers’ Association in Karu, Abuja, has appealed to the Federal Capital Territory Administration (FCTA) for support in the quest to lower the price of beef in markets in the FCT by granting interest-free or low-interest loans to its members.

Chairman of the Association in Karu Abbatoir, Ahmed Abdulakadri Karta said many of the cattle sellers had abandoned the business because they could not afford the high-interest loans from commercial banks.

According to him, prices of cows have been steadily rising in recent times, because 70 per cent of Fulani herdsmen had relocated out of Nigeria due to rising cases of cattle rustling in the country, adding that this has shot the price of a cow up to as high as N800,000.

READ ALSO:  Nigerians React As Twitter Deletes Buhari's 'Threat' Tweet Against South East

“Concerning the loan, the bank we were using before, the interest rate was high that was why we stopped using them. The cost of a cow has increased to as much as N600, 000, N700, 000, N800, 000. If you are lucky you can get for N400, 000 or N500, 000.”

He said banditry and cattle rustling has led to the emigration of cattle breeders out of Nigeria, a situation which has led to the high increase in the price of cows in the country and subsequently more hardship for the people.

READ ALSO:  Death toll from Cholera outbreak rises to 37 in Bauchi

Source link


Please enter your comment!
Please enter your name here