The CBN told this newspaper that, rather than filing a lawsuit against the defaulting farmers, the government 'only extended the window for the farmers to
has scrambled a denial to a media report that the federal government sued many of the 70,000 rice farmers for failing to pay back N17 billion loan under the Anchor Borrowers’ Programme.on Thursday that the report that 70,000 farmers in Kebbi have refused to pay back the ABP loans was “false and misleading.”
“This testifies that real farmers benefited from the loan; otherwise the production level wouldn’t have gone that high,” Mr Augie was quoted to have said. The loans are disbursed through any of Deposit Money Banks , Development Finance Institutions and Microfinance Banks , all of which the programme recognises as Participating Financial Institutions .
Upon kickoff, the programme got its takeoff grant from the N220 billion Micro, Small and Medium Enterprises Development Fund . Farmers get loans at 9 per cent interest rate. They are expected to repay based on the gestation period of their commodities.Meanwhile, Mr Okorafor said the CBN disbursed about N16 billion in money and inputs to Kebbi State — and not N17 billion “as media reports say”. Of this, about N2.6 billion is outstanding to be remitted, he said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Foreign reserves dropped by $4.47bn in 2019 –CBN
Read more »
StackPath
Read more »
Foreign reserves dropped by $4.47bn in 2019 –CBN
Read more »
Leverkusen Deny Dortmund Three Points In Seven-Goal ThrillerLeverkusen Deny Dortmund Three Points In Seven-Goal Thriller.
Read more »
Sokoto State Government Seeks Loan To Buy Cars, Pay For Muslim Pilgrimage, Others | Sahara ReportersAccording to the Commissioner for Information in the state, Isah Galadanchi, the decision to secure the loan was reached following an executive council meeting.
Read more »
StackPath
Read more »