Anchor Borrowers: Farmers owe CBN N463bn as defaults rise

farmers gp

Farmers who subscribed to the Central Bank of Nigeria’s Anchor Borrowers’ Programme owed the apex bank N463bn as of the end of March 2021, data from the CBN Economic Report for April have shown.

The ABP was launched on November 17, 2015, by the President, Major General Muhammadu Buhari (retd.), to reverse the country’s negative balance of payments, especially in the area of food.

Beneficiaries of the programme include farmers cultivating cereals (rice, maize, wheat, etc.), cotton, roots and tubers, sugarcane, tree crops, legumes, tomato and livestock.

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