The Central Bank of Nigeria has revealed that it will arrest locked up farmers who who default in paying back loans gotten from the Anchor Borrowers’ Program until they pay back the loans.
This was made known by the CBN Comptroller, Bauchi Branch, Saladu Idris, while speaking at the Secretariat of the Nigerian Union of Journalists (NUJ).
The CBN official stated that even though a lot of farmers have remained, the loan defaulters were particularly amongst the rice farmers.
- Nigeria’s debt stock reaches N42.7tn, Senate approves fresh $16bn loans
- TUC cautions FG over increasing foreign loans
Mr. Idris bemoaned the fact that some rice farmers who were part of the Anchor Borrowers Scheme had defaulted on their loans.
He said, “Most people have paid back but there are a few who have failed to pay back. We called the leaders of the rice farmers associations and reported these people to them. They gave us the assurance that they will follow them up and ensure that they pay.
“Part of the terms of the agreement was that as soon as the harvest is done, they are to pay back. Those who fail to pay, we will take appropriate action against them. They will be arrested and locked up until they pay back. And for those who pay back fully on time, they will be rewarded with higher amounts of money and more inputs.”
Nairametrics reports that that the apex banks Anchor Borrowers’ Programme disbursed N864 billion to 4.1 million farmers growing 5.02 million hectares of land (ABP). The amount is what the CBN has spent since the Anchor Borrowers’ Programme (ABP) began in 2015, according to Godwin Emefiele, CBN governor, who revealed this at the latest Monetary Policy Committee meeting. (Nairametrics)
