CBN begs farmers to repay loans, say money is not “national cake”

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The Central Bank of Nigeria (CBN) under the leadership of Governor Godwin Emefiele has begged Nigeria farmers to return the loan borrowed to them, citing that it is not national cake.

According to a recent announcement by the CBN, a sum of N29.67bn has been distributed to farmers between the months of January and February 2022 alone.

Many farmers who benefitted from the fund have however failed to repay the loan. The CBN has now decided to appeal to farmers who defaulted in paying back to pay back their loans.

A CBN Development Finance Office, Mr. Sadeeq Ajayi made the appeal on Wednesday n Ibadan at the Agribusiness Innovation Clinic titled “Fostering Innovation and Collaboration Across the Agricultural Value Chain” was organised by the Global Alliance for Improved Nutrition (GAIN).

Ajayi in his statement categorically mentioned that farmers from Oyo State who benefited from the scheme, have not repaid their loans.

Lamenting the inability of the apex bank to recover the loans from the defaulting farmers said it is a threat to the scheme which was launched in 2015.

He also added that it has prevented other farmers from accessing the facility.

In his words, he said; “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.

“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.

“This attitude has made it difficult for other farmers, who also want to access the loan, to benefit from the scheme,” he added.

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