A Nigerian farmer has reacted after the Bank of Agriculture (BOA) National Agricultural Mechanisation Programme (NAMP) requested a ₦12.6 million equity contribution before the allocation of a tractor under the scheme.
Screenshots circulating online from the NAMP portal showed that a 90 horsepower 2WD tractor valued at ₦50.3 million required a 25 percent equity contribution of ₦12,582,000, alongside a ₦20,000 assessment fee, bringing the total initial payment to ₦12,602,000.
The portal also showed that the remaining ₦37.7 million would be covered as a loan amount under the programme.
Reacting to the development, the farmer on Facebook identified as Tambuwal criticised the payment structure, questioning how ordinary farmers would be able to afford the required contribution.
“Since I was in Nigeria, I have never seen a program like this of Bank of Agriculture. Should I pay ₦12,602,000 and then I will be given a tractor loan?” he wrote.
“If I have 12M I’ll stay in debt. This program is only for them to return the government’s property, but it will be difficult to find someone who will pay the 25%,” he added.
The reaction comes as more applicants continue to receive allocation notices and proceed through the second phase of the NAMP application process, which includes credit profiling, guarantor submission, collateral documentation, equipment selection, and equity payment verification.
Images from the portal showed several mechanised farming tools listed for allocation, including tractors, seed drills, disc ploughs, boom sprayers, and tractor trailers.
Despite concerns raised by some applicants over the high upfront payment requirement, supporters of the programme argue that the mechanisation initiative is designed as a structured agricultural financing scheme rather than a free equipment distribution exercise.
The Bank of Agriculture-backed programme is aimed at improving Nigeria’s agricultural sector by helping farmers gain access to modern farming equipment expected to boost productivity, reduce manual labour, and improve food production across the country.
Applicants participating in the programme have been advised to complete only official processes through the NAMP portal at namp.bankofagriculture.com or through recognised BOA channels.
