The Central Bank of Nigeria has begun debiting the account of its defaulters

Under its development financing operations, the Nigerian Central Bank is debiting the accounts of its defaulters.
The director of development finance of the CBN, Yusuf Yila, said on Wednesday during a post-Monetary Policy Committee (MPC) meeting in Abuja that the apex bank has begun debiting the accounts of its debtors, particularly states and farmers who benefited from any of its interventions.Infomation Guide Nigeria

The intervention programmes include the Anchor Borrowers Programme (ABP) and the Commercial Agric Credit (CAC).

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He indicated without elaboration that monthly FAAC (federation account allocation committee) accruals for state governments are already debited directly.

“Every person(s) or state that took that loan (ABP) is going to pay. We have their BVN. These persons are smallholder farmers, who received funds for farming from state governments via the ABP, but have yet to pay them back.” He said.

During his speech, Yila also implied that the ABP loan repayments were not as encouraging as the CAC’s, which he described as outstanding.

He then elaborated on the extent of payments made, the outstanding debts, and the actions the bank is doing to guarantee that the credits are paid.

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“Under the ABP, the CBN gave out about N1 trillion but recovered only N400 billion. But under the CAC, the bank lent out about N800 billion and recovered N700 billion.

“So, every single loan that has been given out through any of our intervention programmes must be paid back.” He added.

Yila also mentioned that the banks has put sentiment aside and is determined to collect the money it is owed. He stated, “There is absolutely no mercy. We have started; we are in recovery mode. At the development finance department, we have begun to recover the loans.”Jamb Result

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To ensure that these loans are fully recovered the Central Bank of Nigeria has solicited the assistance of the Economic and Financial Crimes Commission (EFCC).Jamb Result

“We are working with the EFCC. The CBN governor has approved the collaboration with the EFCC on loan recoveries.” Yila said.

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