The Anchor Borrowers Programme Loan Scheme introduced with the assistance of the CBN has been experiencing some difficulties in recovering funds given to beneficiaries of the program.
Most people collect this loan and fail to repay the loan on maturity thereby keeping the government stranded in assisting other beneficiaries.
The report shows that the CBN has distributed a total of N1.1 trillion to beneficiaries of the program of the Anchor Borrowers Loan Scheme since its inception. According to the CBN, only a total of N546 billion has been repaid while N577 billion is still with debtors.
Also, the loan that is yet to be repaid includes state governments, commercial and microfinance banks, individuals, and corporate entities—this alone has gotten the FG to respond quickly to recover the money noting that if it relents, the aim of the programme will be futile.
President Bola Tinubu is angered that the money that was held by debtors could be given to serious farmers who are ready to work alongside the aim of the ABP.
Because of this, the President has called on top security agencies in Nigeria to implement measures that will assist in recovering the huge government loan held by debtors on or before September 18, 2023, to get back the loans to further assist other beneficiaries.
Vanguard reported that the meeting with security chiefs was held in Abuja and it was also discovered the CBN subsidiaries were also guilty of holding up cash meant for farmers to boost production and tighten food security in Nigeria.
Read more: https://www.investingport.com/ancho...ies-september-18-ultimatum-to-recover-n11trn/