Connect with us


Reps probe N91.873bn Anchor Borrowers loan



The House of Representatives on Tuesday commenced an investigation into the N91.873 billion Anchor Borrowers Programme (ABP) loan disbursed by the Bank of Agriculture (BoA) to some Nigerians between November 2015 and October 31st, 2021.

Chairman, House Committee on Agriculture Production and Services, Hon. Mutari Dandutse who presided over the investigative hearing demanded detailed reports on the identity of beneficiaries of the facility with a view to ensuring accountability of taxpayers’ funds.

According to the report submitted to the Committee, from the total sum of N91,872,687,050.23 disbursed for all the models of the programmes, the sum of N14.678 billion was repaid leaving an outstanding balance of N77.180 billion (Principal) as of October 2021.

Breakdown of the loan showed that out of a total sum of N11.358 billion disbursed under Private Anchor, the sum of N2.150 billion has so far been repaid leaving an outstanding balance of N9.208 billion.

From the sum of N21.098 billion disbursed under the Prime Anchor Programme, the sum of N2.819 billion has so far been repaid leaving an outstanding balance of N18.264 billion.

Out of the sum of N24.317 billion disbursed to unnamed beneficiaries, the sum of N4.978 billion has so far been repaid leaving an outstanding balance of N19.338 billion.

From the loan disbursed through the Commodity Associations, out of a total sum of N18.492 billion disbursed to RIFAN, the sum of N930.493 million has so far been repaid leaving an outstanding balance of N17.553 billion.

Out of the sum of N7.814 billion disbursed to MAAN, the sum of N1.634 billion has so far been repaid leaving an outstanding balance of N6.179 billion.

Also from the total sum of N91.795 billion disbursed to NECAS, the sum of N2.157 billion has so far been repaid leaving an outstanding balance of N6.638 billion.

In his presentation, Managing Director of Bank of Agriculture, Mr Alwan Hassan affirmed that the scheme was fraught with serious challenges.

According to him, the loans under the programme are administered at the interest rate of 9%. However, the Central Bank of Nigeria (CBN) reduced the rates from 9% to 5% per annum with effect from March 1, 2020, to February 28, 2022, as part of measures to mitigate the negative impact of COVID-19 pandemic on the Nigerian economy.

“The commodity Associations were allowed to migrate freely between PFIs without settling prior indebtedness. The bank raised observations that such actions will affect recovery commitment.

“Insurance was not properly managed. In some cases, a premium was paid late and in some cases unpaid.

“Farmer’s inability to concentrate on their farms due to insecurity. Specifically, this includes herdsmen attacks, armed robbery and kidnapping.

“Natural disasters: There have been cases of farm loss due to flooding, early cessation of rain and drought.

“Nonchalance to debt services by beneficiaries both anchors and farmers who did not intend to pay back the loans right from the beginning.”


We Have Not Had Water Supply In Months ― Abeokuta Residents

In spite of the huge investment in the water sector by the government and international organisations, water scarcity has grown to become a perennial nightmare for residents of Abeokuta, the Ogun State capital. This report x-rays the lives and experiences of residents in getting clean, potable and affordable water amidst the surge of COVID-19 cases in the state…Reps probe N91.873bn  Reps probe N91.873bn

Selfies, video calls and Chinese documentaries: The things you’ll meet onboard Lagos-Ibadan train

The Lagos-Ibadan railway was inaugurated recently for a full paid operation by the Nigerian Railway Corporation after about a year of free test-run. Our reporter joined the train to and fro Lagos from Ibadan and tells his experience in this report…Reps probe N91.873bn  Reps probe N91.873bn

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Local7 mins ago

Buhari, APC governors agreed national convention will hold February: Atiku Bagudu

News7 mins ago

Man arrested for allegedly raping 80-year-old woman in Nasarawa

Sports9 mins ago

Alex Oxlade-Chamberlain Faces An Anxious Wait To Discover The Severity Of The Injury After Scoring Against Brentford

Entertainment21 mins ago

Twitter Stories : Man asks his 22-year-old girlfriend to choose between him and going for her fully-funded MSC abroad.

News27 mins ago

Lagos to partially close Marine Bridge for emergency repairs

Local29 mins ago

APC faces disarray, grappling with crises in 15 states: Osita Okechukwu

Sports33 mins ago

Liverpool Kept Their Premier League Title Hopes Alive With A Win Over Brentford

News45 mins ago

Lagos to divert traffic on Dopemu Road for three months

News47 mins ago

Release Kanu, Igboho, seek political solution, Igbo think tank tells Buhari

Entertainment49 mins ago

“Small boys are plucking off eyes and body parts of young women just to drive Benz” – Actor Okon Lagos condemns the current trend of ‘Money rituals’

Entertainment49 mins ago

“Small boys are plucking off eyes and body parts of young women just to drive Benz” – Actor Okon Lagos condemns the current trend of ‘Money rituals’

Local51 mins ago

NPFL leaders Remo Stars beat Wikki Tourists

News57 mins ago

FG applauds NCC’s commitment to enhancing digital skills in youths

Entertainment1 hour ago

51-year-old Nigerian woman gives birth to twins after over 20 years of waiting

News1 hour ago

Make governors’ forum meetings virtual to prevent spread of COVID-19

News1 hour ago

2023: Women group urges AfDB President Adesina to contest presidency

Entertainment1 hour ago

Nollywood movies are the reason a lot of young boys are doing ritual – Samklef

Entertainment2 hours ago

Banker allegedly commits suicide in Delta a day after posting “I no longer have a mind of my own because I do things I later regret” on Facebook

News2 hours ago

Senator demands probe into death of Ogun five farmers, herders

Technology2 hours ago

Walmart Prepares to Create it’s Own cryptocurrency, and NFTs

Local19 hours ago

‘Shallow thinking’ Nigerians quick to believe lies about me: Babangida

Politics19 hours ago

Sokoto govt spends N2bn on MSMEs development — Tambuwal

Local19 hours ago

Nigerian Army neutralises five terrorists in blow on Boko Haram, ISWAP: Official

Entertainment19 hours ago

Obi Cubana offers Lagos hawker university scholarship, employment

Politics17 hours ago

NDLEA intercepts 1.5m tramadol tablets going to Kebbi, Kano, other drugs at Lagos airport, seaport

World14 hours ago

UK: For Telling the Truth About Islam, Jewish Board of Deputies Vice President Compelled to Resign

News18 hours ago

Group seeks redeployment of Delta police officers linked with trafficking

News20 hours ago

Troops neutralise Boko Haram, ISWAP terrorists, recover anti-aircraft gun in Borno

News20 hours ago

“I warned her to be careful with men” – Mother of lady found dead in Jos with her vital organs missing

Sports14 hours ago

Van de Beek was substituted for Bruno Fernandes in the 89th minute in United’s 2-2 draw against Aston Villa on Saturday.

News15 hours ago

NFF doesn’t believe in Nigerian coaches, says Christian Chukwu

Local18 hours ago

Buhari to unveil mega rice pyramids in Abuja

Business News14 hours ago

ASUU Gives February Deadline Before Planned Strike

Politics12 hours ago

Our customers are robbing us, EEDC alleges

Business News15 hours ago

28.7% Drop in I&E Turnover Strengthens Naira to N416.00/$1

News17 hours ago

You’re still living in the ancient days, Tinubu group replies Bode George

Local18 hours ago

Nigerians should know I have feelings like other people, Babangida pleads

Sports14 hours ago

Liverpool Moved Second In The Premier League As They Cruised To A 3-0 Victory Over An Out-Of-Form Brentford At Anfield

News19 hours ago

NDLEA intercepts 1.5m Tramadol tablets going to Kebbi

Politics18 hours ago

Housing development: OPIC to accommodate more subscribers