News Naija
Last Warning: Tinubu Gives Security Agencies a Deadline of September 18 to Recover the N1.1 trillion Loan from the Anchors Borrowers’ Program
According to reports, President Bola Tinubu has given security services a deadline to find Anchor Borrowers Loan Scheme defaulters.
The President requested that the agencies recoup the debt by September 18, 2023, or earlier.
In accordance with the plan, the Central Bank of Nigeria paid out approximately N1.1 trillion to farmers.
The Central Bank of Nigeria (CBN) launched the Anchor Borrowers’ Loan Scheme, however it has failed since the recipients of the loans refused to pay them back by the agreed-upon deadline.
According to reports, just roughly N546 billion of the N1.1 trillion distributed by the CBN to recipients has been refunded, leaving a staggering debt of N577 billion.
Funds held up by farmers, state governments, others
The beneficiaries hold up a vast amount, including commercial and microfinance banks, state governments, farmers’ associations, individuals, and other corporate organizations.
Vanguard quoted presidential sources as saying President Bola Tinubu gave security agencies marching orders to recover the loan from defaulters on or before September 18, 2023.
Tinubu reportedly summoned top security agencies and urged them to take all necessary action to recover the vast amount.
According to the report, CBN’s subsidiary and a commercial bank in Nigeria, which acted as mediators, allegedly diverted about N255 million, which they secured from CBN but refused to disburse or return to the apex bank.
Some beneficiaries refused to repay the loan, claiming they did not make substantial returns on their investments and asked for more time to repay.
