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.
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.