There are indications that some thousands of beneficiaries of the Central Bank’s (CBN’s) pet project, Anchors Borrowers Programme, are unlikely to meet the September 18, 2023 deadline given them by the security agencies to offset their outstanding loans.

Several banks which were used as channels of disbursement of the funds have also not been able to pay up.

The security agencies have been on the necks of the defaulters to pay up in accordance with a presidential order that the money be recovered not later than tomorrow.

However, investigation by The Nation during the week showed that while some of the defaulters have paid, many others have not been forthcoming.

A security source knowledgeable about the debt recovery drive confirmed that some money has indeed come in but declined to give details of the total sum.

“Some more funds have been recovered but I cannot give you details,” the source said.

He added: “some, including banks, farmers’ associations, corporate organisations and beneficiaries among others, who were involved in the loans, by all indications have not been able to meet up with the repayment.

“The mandate of the President is to ensure these monies are recovered, so anyone who fails to meet up will face appropriate sanctions. The money has to be accounted for.

“The President is passionate about agriculture and the need to ensure a better life for Nigerians and to achieve this requires the prudent use of our resources.

“Some banks received huge sums of money which they do not have any record of disbursement and still cannot account for where the money went.

“There are farmers who received the money and have not paid at when due.

“There is so much that seems not to have gone right with the programme, but we are going to ensure this matter is followed to a logical conclusion.”

The loan recovery order was issued to the security agencies by President Tinubu last month.

The CBN under the leadership of its former governor, Godwin Emefiele, had sunk about N1.1 trillion into the programme as part of the strategy of the last administration to assist farmers get funds to invest in their business.

Only about N577 billion of the total had been recovered by May 29 when power changed hands.

The initiative was launched in November 2015 by former President Muhammadu Buhari to boost agricultural production, improve foreign exchange and reverse Nigeria’s negative balance of trade on food.

However, the inability of beneficiaries to repay the loan on maturity to enable others benefit from it also has held up the programme.

Commenting on the issue yesterday, Senator Shehu Sani said a beneficiary told him, when asked why he refused to pay, that “ even if they name and shame him hundred times he still can’t pay.”

Sani made the comment on his X (formerly Twitter) account @ShehuSani. (The Nation)

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