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CBN threatens banks over farmers fund

The Central Bank of Nigeria has threatened to sanction banks that delay the disbursement of funds to farmers under it Anchor Borrower’s Program.

The Bank’s Director of Development Finance, Mr. Yusuf Yila stated this at a stakeholders’ meeting involving Anchor, Processors, Commodity Associations and Banks.

Mr. Yila said the apex bank had been receiving complaints on late disbursement despite having released the funds in a timely to the participating banks, thereby threatening the success of the Anchor Borrower’s Programme.

Similarly, he said the CBN will be more involved in the selection of input suppliers, to ensure that only reliable ones are engaged.

He said suppliers will be put on stand-by to replace those that were found wanting.

Mr. Yila described the 2020 dry season as the biggest yet since the commencement of the Anchor Borrowers’ Program in 2015 and sought the co-operation of all stakeholders to make it a success, to save the country from a food crisis.

BIODUN DARE

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