Anchors Borrowers Programme Loan: FG Gives Security Agencies September 18 Ultimatum to Recover N1.1trn

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.

In the meeting which was held at the Presidential Villa, the president was briefed that the subsidiary of the CBN alongside a commercial bank has diverted N255 million 

Also, the President was briefed that the apex bank's subsidiary alongside a commercial bank has fraudulently achieved N255 million and will not give the beneficiaries nor was the funds returned to the CBN.

It was recorded that some of the beneficiaries of the programme have claimed that the delay in repaying their loan was because they didn't make a reasonable return on their investments and have pleaded to be given more time to be able to pay back the apex bank even though they had an agreement earlier.

A statement from a security official,

• I can tell you authoritatively that we have written to all the defaulters and many bank officials have confessed to their role in the huge loan scandal and they are willing to take necessary steps to pay back the loans.

• We have also written to all the debtors and some of the banks, whose top managers we have already summoned and grilled, have assured us that they will refund the cash outstanding in their names on or before the September 18 deadline.

From the findings, the Maize Producers Association took a loan of N39 billion from the CBN concerning the ABP. So far, it has been able to pay N23 billion while Cotton farmers took a loan of N14 billion and have been able to pay N5 billion.