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.
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