CBN to Sanction Banks Over Fund Disbursement Delay to Farmers

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Central Bank of Nigeria (CBN) headquarters, Abuja (File Photo)
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The Central Bank of Nigeria says it will now sanction banks involved in delaying disbursement of Anchor Borrower’s Program funds to farmers.

The apex bank gave the threat when the Director of Development Finance, Mr. Yusuf Yila spoke at a stakeholders’ meeting involving Anchor, Processors, Commodity Associations and Banks.

Yila disclosed that the CBN has been receiving complaints on late disbursement despite having released the funds to the participating banks, thereby threatening the success of the Federal Government’s Anchor Borrower’s Programme.

He noted that the CBN will be more involved in the selection of input suppliers, to ensure that only reliable ones are engaged.

He added that suppliers will be put on stand-by to replace those that were found wanting.

Mr. Yila described the 2020 dry season as the biggest yet since the commencement of the Anchor Borrowers’ Program in 2015 and sought the co-operation of all stakeholders to make it a success, to save the country from a food crisis.

Radio Nigeria