Amid rising default, the Central Bank of Nigeria (CBN) has threatened to arrest farmers yet to repay their loans, IgbereTV reports.
According to CBN it could no longer condone farmers thinking the money from the Anchor Borrowers’ Program was a gift and will henceforth arrest and lock up defaulters until they pay back the loans.
This was disclosed by the CBN Comptroller, Bauchi Branch, Saladu Idris, while speaking at the Secretariat of the Nigerian Union of Journalists (NUJ).
The CBN official stated that even though a lot of farmers have remained, the loan defaulters were particularly amongst the rice farmers.
Mr. Idris bemoaned the fact that some rice farmers who were part of the Anchor Borrowers Scheme had defaulted on their loans.
He said, “Most people have paid back but there are a few who have failed to pay back. We called the leaders of the rice farmers associations and reported these people to them. They gave us the assurance that they will follow them up and ensure that they pay.
