President Tinubu Orders Recovery Of N577b From Defaulters Of N1.1trn CBN Anchor Borrower’s Loan

President Tinubu has issued a stern directive to top security agencies to take immediate steps in recovering the outstanding N577 billion from defaulters of the N1.1 trillion CBN anchor borrower’s loan programme.

This crucial move aims to make these funds available to genuine farmers seeking loans to boost food production, with a deadline set for September 18, 2023.

The CBN’s anchor borrower’s loan programme, designed to support agricultural development in the country, has faced significant challenges in loan recovery.

Of the N1.1 trillion disbursed to various Agricultural Business Support (ABS) recipients since its inception, just over N546 billion has been repaid.

King Victor Nigeria Enterprises Food Stuffs Supplier

This leaves an alarming N577 billion yet to be accounted for, raising concerns about the programme’s effectiveness and accountability.

The president expressed his frustration during a recent meeting with security agencies in Abuja after learning that one of the CBN’s subsidiaries was among the defaulting banks responsible for withholding crucial funds intended for farmers.

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These funds play a pivotal role in increasing agricultural output and ensuring food security within the nation.

In a startling revelation, it was disclosed that both the CBN subsidiary and a commercial bank within the country had diverted N255 million of the allocated funds, which were meant to be distributed to farmers and individuals seeking loans to enhance their agricultural production.

This loan scandal has already led to the interrogation of numerous bank directors and managers. Many of them have admitted to benefiting from the loans in question and have confessed to alleged repayment violations.

The president’s decisive action underscores the importance of recovering these funds swiftly to rejuvenate the anchor borrower’s loan programme and provide essential support to genuine farmers striving to contribute to the nation’s food security.

As the September 18th deadline approaches, the nation’s eyes remain fixed on the outcome of this effort to reclaim the N577 billion and put it back into the hands of those who truly need it for agricultural development and food production.