Farmers Refuse to Pay Back Loans, Think it's "National Cake"


Alt: = "CBN Governor, Godwin Emefiele"

The Central Bank of Nigeria (CBN) has decried  farmers’ refusal  to repay the loans obtained under the Anchor Borrowers’ Programme (ABP), believing it’s “national cake”.

The CBN's spokesman, Sadeeq Ajayi said this on Wednesday

“Many of the farmers refused to pay back their loans due to misconception that since CBN is the lender, the loan is a ‘national cake’ and they do not have to pay back what they consider theirs as citizens,” Sadeeq Ajayi said.

According to Mr Ajayi the farmers’ refusal to pay back the loans have made it difficult for others to benefit from the programme

He said that the apex bank has been finding it difficult to recover the loans from the defaulting farmers, adding that that has  threatened the scheme, as it has prevented other farmers from accessing the facility.

“While the Anchor Borrowers’ Programme has recorded some level of success, the failure of farmers to repay the loans has, however, been a major setback.”

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