From the aggregate entirety of N950m advance discharged by the Central Bank of Nigeria (CBN) to Kano State Rice farmers, under the Anchor-Borrowers Scheme, just N6m was paid back till date.
The news has not just postured genuine risk to future dispensing, as there is probability of the bank boycotting the state, it has additionally made feelings of dread that lion’s share of the farmers won’t pay the debt.
State Chairman of All Farmers Association of Nigeria (AFAN), Faruk Rabi’u Musa, unveiled that out of 5, 540 rice and wheat farmers that secured the advances, not up to 50 of them paid back.
Overseeing Director of the state Agricultural and Rural Development Authority (KNARDA), Professor Mahmoud Daneji, said a Product Monitoring Team (PMT) has been set up for recuperation of the credits.
Daneji uncovered that the 9-man PMT Recovery Committee led by him, has delegates from the CBN, Bank of Agriculture and the Rice Farmers Association of Nigeria (RIFAN).
He said defaulting agriculturists have December due date to pay, focusing on that “there is no solid motivation behind why they are neglecting to pay. Guaranteeing that the loan was given when it was past the point of no return was just a wobbly reason.”
Be that as it may, AFAN executive, Musa, who is additionally state Chairman of Wheat Farmers Association, said the loan constrained them to set up a Task Force to see to the loan recuperation.
“Our fear is that when agriculturists decline to pay, the repercussions won’t be on the defaulting rice ranchers alone, other potential recipients of comparable advances will be influenced, similar to wheat ranchers, tomato producers and so forth. So we should stand up and see to the finish of this unfortunate improvement,” he said.Tags: banking