The Central Bank of Nigeria (CBN) has revealed that the total repayments as of the end of February 2023 under its Anchor Borrowers’ Programme (ABP) now stands at N0.503 trillion, representing 52.39 per cent, adding that the balance of N0.119 trillion was not due for repayment.Information Guide Nigeria

The Acting-Director, corporate communications department, Dr. AbdulMumin Isa, made the disclosure in Abuja.

Isa disclose that the bank had released the sum of N1.079 trillion as of February 28, 2023, of which N0.960 trillion was due for repayment.

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Citing statistics from the Food and Agriculture Organisation (FOA), Dr. Isa said that the ABP had contributed significantly to the increased national output of focal commodities, with maize and rice peaking at 12.2 and 9.0 million metric tonnes in 2021 and 2022, respectively.NYSC Portal

He stressed that the outstanding due balances on loans was still under moratorium due to the COVID-19 forbearance granted to beneficiaries of the Bank’s interventions in March 2020 and extended to February 28, 2022.

“It is pertinent to note that the tenor of loans under the ABP is based on the commodity gestation period. For instance, loans granted to farmers cultivating some perennial crops could have up to seven-year tenor.”

“The Central Bank of Nigeria remains committed to its developmental mandate of stimulating access to finance for the real sector, particularly agriculture, as it continues to support the Federal Government’s drive for food security and economic growth.

“Accordingly, the Central Bank of Nigeria continues to welcome applications from eligible Nigerian farmers and firms under the Anchor Borrowers’ Programme.”JAMB Result

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