How CBN to Intend Deal with Farmers who Fail to Pay Back Loans
The Central Bank of Nigeria (CBN) says farmers who default in paying back loans gotten from the Anchor Borrowers’ Programme will be arrested and locked up until they pay back the loans.
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Learn MoreThis was disclosed by the CBN Comptroller, Bauchi Branch, Saladu Idris, while speaking at the Secretariat of the Nigerian Union of Journalists (NUJ).
He noted that loan defaulters were particularly amongst the rice farmers, while lamenting that some rice farmers who were part of the Anchor Borrowers Scheme had defaulted on their loans.
“Most people have paid back but there are a few who have failed to pay back. We called the leaders of the rice farmers associations and reported these people to them. They gave us the assurance that they will follow them up and ensure that they pay,” he said.
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“Part of the terms of the agreement was that as soon as the harvest is done, they are to pay back. Those who fail to pay, we will take appropriate action against them. They will be arrested and locked up until they pay back. And for those who pay back fully on time, they will be rewarded with higher amounts of money and more inputs.”
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