Over 75 per cent of CBN Anchor Borrowers’ loans dey unpaid – IMF
Di International Monetary Fund, IMF, don open up say only 24 per cent of loans wey dem spend under di Anchor Borrowers’ Programme of of Central Bank of Nigeria na hin dey repaid.
Dis update come out for di IMF Selected Issues paper on Nigeria. Na di month of January dem publish am.Also, na di staff team of di fund prepare am as background documentation for regular consultation with di country.
According to di IMF, di agricultural credit scheme for di country neva seriously boost production. Though di challenge wey dey na to target di correct recipients for dicredit.
FOR MORE NEWS: Join me to make Nigeria great – Tinubu dey woo Atiku, Obi
Inside part of di document, dem write say for di Anchor Borrowing Programme, ABP repayment dey low at 24 per cent, especially since refund fit dey made in kind, thereby limiting di tenor of loans to twelve months.
“Part of di problem be say di template for repayment fit dey more encouraging, and di recipient loans no dey always dey well targeted. Also, occasionally di loan dey used for other purchases and recurrent costs (e.g., new agricultural input trading companies to elicit trading rents),”.
Anchor Borrowers Programme, during di year 2016 establish scheme by Nigeria apex bank, wey set aside N40 billion to support farmers by offering single-digit interest rate loans.
You fit go see di full tori…READ MORE
