Disappointed with NAFCo’s partial payment of arrears are the food suppliers

The National Food Buffer Stock Company (NAFCo) is now beginning to pay a portion of the dues for members of the National Food Suppliers Association (NFSA).

On the other side, the food providers have expressed their dissatisfaction, claiming that the money received is insufficient and cannot be used to pay off the obligations they owe to their creditors.

According to a statement released by the agriculture ministry on July 17, the loan was supposed to be paid back, but as of right now, it hasn’t.

The food suppliers who presented their payment papers argue that the funds given to them are insufficient because only half of the 2022 obligation was paid, despite the fact that there was a second guarantee that the debt would be cleared by Thursday, July 20.

By saying that they will receive 50% of the money that is still owing to them by the end of Wednesday, July 19, 2023, the Minister of Food and Agriculture gave food suppliers even another cause to be upbeat.

According to reports, by Monday, July 17, 2023, $100 million, or 50% of the $203 million total debt, had already been transferred to the accounts of the food suppliers. It is expected that the remaining amount will be added to their accounts in the future.