According to information provided by the Central Bank of Nigeria, farmers have paid back N503 billion, or 52.39 percent, of the total amount borrowed under the Anchor Borrowers Program.
In a statement on Monday, AbdulMumin Isa, the acting director of the corporate communications department, made this information public.
Yet, this statistic defies allegations made by the International Monetary Fund that just 24% of loans given under the Central Bank of Nigeria’s Anchor Borrowers’ Scheme had been returned.
He claims that the CBN initiative helped 4.45 million smallholder farmers who produced 21 different commodities on more than 6.02 million hectares of land.
Thus, under the Anchor Borrowers’ Programme, the Central Bank of Nigeria continues to accept applications from qualified Nigerian farmers and businesses,” he said.