Nigerian farmers now owing CBN over N1trn, as many refuse to repay

The Central Financial institution of Nigeria (CBN) has revealed that its loans to farmers have

The Central Financial institution of Nigeria (CBN) has revealed that its loans to farmers have now crossed the N1 trillion mark amid rising mortgage defaults.

Lately a CBN official in Oyo State had raised the alarm on what number of farmers now see the loans disbursed below the Anchor Debtors Programme as their reduce of the nationwide cake.

Information from CBN’s Financial Coverage Committee communique reveals that the ABP mortgage rose to N1.01tn as of the top of April.

Learn additionally :Most farmers see Agric mortgage as ‘nationwide cake’, CBN laments

The communique reads, “Between April and Could 2022, the Financial institution launched the sum of N57.91bn below the Anchor Debtors’ Programme to 185,972 new initiatives for the cultivation of rice, wheat, and maize, bringing the cumulative disbursement below the programme to N1.01tn, disbursed to over 4.2 million smallholder farmers cultivating 21 commodities throughout the nation.”

CBN had earlier talked about that for January and February 2022, a complete of N29.67bn for the procurement of inputs and cultivation of maize, rice, and wheat, three crops had been disbursed.”

“These disbursements deliver the overall below the programme to over 4.52 million smallholder farmers, cultivating 21 commodities throughout the nation, involves a complete of N975.61bn,” the communique reads.

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