Saturday, September 2, 2023


President Tinubu has called upon top security agencies to recover the substantial ₦1.1 trillion Anchor Borrowers' loan from defaulters by September 18, 2023, in order to make these funds accessible to genuine farmers seeking secure loans to boost food production.

Despite the Central Bank of Nigeria disbursing ₦1.1 trillion to ABS beneficiaries, only slightly over ₦546 billion has been repaid, leaving an alarming balance of ₦577 billion unaccounted for.

During a meeting in Abuja with security agencies, the president expressed frustration upon learning that one of the CBN's subsidiaries was among the defaulting institutions, obstructing crucial funds intended for farmers to enhance their agricultural output and ensure food security.

Furthermore, it was revealed that a CBN subsidiary and a commercial bank in the country had misappropriated ₦255 million earmarked for farmers and other individuals in need of loans to boost their production.

Some beneficiaries delayed loan repayment, citing inadequate returns on their investments and requesting more time, disregarding the agreed-upon terms.

Numerous bank directors and managers were questioned regarding the extensive loan controversy, with many admitting their involvement and acknowledging breaches in repayment agreements.

A source stated, "We have written to all defaulters, and many bank officials have confessed their roles in the loan scandal. They are committed to repaying the outstanding amounts by the September 18 deadline." 

For instance, the Maize Producers Association obtained a ₦39 billion loan from the CBN under ABP, refunding ₦23 billion thus far. Meanwhile, Cotton farmers secured a ₦14 billion loan and have repaid ₦5 billion.

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