Anchor Borrowers’ Programme: Farmers Commence Loan Repayment

The Central Bank of Nigeria (CBN) yesterday revealed that farmers that accessed loans under its Anchor Borrowers’ Programme (ABP) have commenced repayment.

Details of the loan disbursement and repayment from the central bank indicated that as at March 31, 2017, a total sum of N33.34 billion had been released through 12 participating finance institutions in respect of 146,557 farmers across 21 states cultivat- ing over 180,018 hectres of land.

But out of the total amount of N33.34 billion released, about N15.137 billion disbursed to 73,941 Kebbi State farmers had fallen due for repayment with N7.119 billion representing 47 per cent, repaid and returned to CBN. Meanwhile, the balance of N18.203 billion of the 12 months tenured loans released to farmers in the other 20 states for two cropping (wet and dry) seasons have not fallen due for repayment. However, farmers in other benefiting states have also commenced the repayment to the tune of N1.238 billion, which is already with the CBN.

The central bank said efforts were being made by the participating state governments to ensure that all outstanding loans are repaid by the farmers as soon as they are due before commencement of the next dry season cultivation. This is to enable the CBN extend similar gestures to farmers in other states which have indicated interest in the participating in the Anchor Borrowers Programme.