…Threatens to arrest farmers who fail to repay loans
The Central Bank of Nigeria, (CBN) has disbursed N5.7 billion to farmers in Bauchi to aid them during the dry season cultivation of wheat.
This was disclosed by the CBN Comptroller, Bauchi branch, Saladu Idris, at the Secretariat of the Nigerian Union of Journalists, (NUJ)
According to the apex bank, dry season farming is a rather simple process. However, the CBN has noticed that many of Nigeria’s flour mills have gone out of business and that overall output has slowed.
Idris noted that the apex bank has taken initiatives to reach out to farmers through groups, ensuring that only those who are targeted benefit.
According to Idris, the new seedlings were brought in from Mexico and have a shorter time of cultivation, unlike the local one that takes a longer period of time”, he said.
The CBN, however, stated that farmers who default in paying back loans gotten from the Anchor Borrowers’ Programme, (APB), will be arrested and locked up until they pay back the loans.
This was disclosed by the apex bank’s Comptroller, Bauchi Branch, Saladu Idris, while speaking at the Secretariat of the Nigerian Union of Journalists (NUJ).
The CBN official stated that even though a lot of farmers have remained, the loan defaulters were particularly amongst the rice farmers.
Idris bemoaned the fact that some rice farmers who were part of the Anchor Borrowers Scheme had defaulted on their loans.
Recall that in November 2015, President Muhammadu Buhari launched the?ABP to boost agricultural production and reverse Nigeria’s negative balance of payments on food. Farmers captured under this programme include those cultivating cereals (rice, maize, wheat etc.)
The programme was intended to create a linkage between Anchor Companies involved in food processing and Small Holder Farmers of the required key agricultural commodities,?through commodity associations.
The apex banks Anchor Borrowers’ Programme,(ABP), disbursed N864 billion to 4.1 million farmers growing 5.02 million hectares of land.
The amount is what the CBN has spent since the APB’s programme began in 2015, according to CBN governor, Godwin Emefiele, who revealed this at the latest Monetary Policy Committee meeting.
Emefiele said the CBN disbursed N43.19 billion from September to October 2021 to support the dry season farming of over 250,000 hectres of maize, sorghum, soya beans, and rice under the scheme. He also revealed that the Commercial Agriculture Credit Scheme will provide N5.88 billion to finance six large-scale agricultural projects, (CACS).
