Central Bank of Nigeria Begins Debiting Loan Defaulters’ Accounts

The Central Bank of Nigeria has made good on its promise and has begun debiting accounts of defaulters under its development finance intervention programmes.

The director of development finance at the CBN, Yusuf Yila stated this on Wednesday, September 28 after the Monetary Policy Committee (MPC) meeting in Abuja.

Yila said the apex bank has begun debiting its defaulters’ accounts, specifically states and

The Anchor Borrowers Programme and the Commercial Agric Credit (CAC) are part of the bank’s programmes. He hinted that the state governments’ monthly federation accounts allocation accruals are being debited.

The director said every person or state that took a loan under the Anchor Borrowers Programme would pay. Yila said: “We have their BVN.

These persons are smallholder farmers who received funds for farming from state government via the Anchor Borrowers programme but have yet to pay back.”

Reports say Yila also indicated during his speech that the ABP loan repayment was very encouraging, like the CAC, which he said was excellent.

According to Yila, under the ABP, the apex bank disbursed about N1 trillion but recovered N400 billion, and under the CAC, the bank gave out about N800 billion and recovered N700 billion



Originally posted on October 3, 2022 @ 1:03 pm

Leave a Reply

%d bloggers like this: