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Home Business News

CBN asked to hand over Anchor Borrowers Programme to Agric Ministry

Chidinma Nwagbara by Chidinma Nwagbara
December 16, 2019
in Business News
CBN asked to hand over Anchor Borrowers Programme to Agric Ministry
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The National Agricultural Foundation has called on Central Bank of Nigeria to hand over the administration of Anchor Borrowers Programme to the Ministry of Agriculture and Rural Development (FMARD) for the initiative to be effective.

Chairman, National Agricultural Foundation, Sen. Abdullahi Adamu, explained that there is an urgent need for the CBN to allow FMARD carry out its mandate and this involves promoting agricultural production in the country.

He said the mandate of the CBN is to act as referee or monitor financial transactions and not to take over the function of any ministry, Daily Trust reported.

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CBN urged to hand over Anchor Borrowers Programme administration 

Adamu’s words: “The Bank of Agriculture is better placed like the Bank of Industry (BOI) as development banks to take responsibility in administering money from government with the aim of promoting agricultural production in the country. 

[READ MORE: Refund N5.2 billion Anchor Borrower’s loan, CBN to Cotton farmers)

The senator added that ABP was within the purview of the bank called the Bank of Agriculture (BOA), so, it should not have been domiciled with the CBN. He called on the appropriate authorities to recapitalize the BOA as it is better positioned to carry out agricultural programmes rather than letting CBN carry out the mandate.

“The Anchor Borrowers Programme, for example, if you check how much money has gone in there as from 2016 to date, you will find out that the money is over and above, about four times the budget provision for Ministry of Agriculture. 

 “CBN has put itself in a very precarious situation. The same apex bank as I talk to you today has not paid up its capital for recapitalising the bank of agriculture since 1974 when the agric bank was established. 

“So, it is in distress, there is no doubt about it and everybody knows why it is in distress. Till this very moment, both the Ministry of Finance and the CBN have not lived up to their responsibilities of recapitalising the bank of agriculture,” he added.

Related

Tags: CBNCentral Bank of NigeriaNational Agricultural FoundationSen. Abdullahi Adamu

Comments 11

  1. Olalekan Kassim says:
    December 16, 2019 at 1:44 pm

    I disagree. Handing it over to Ministry of Agriculture will end up being mismanaged by politicians heading the Ministry

    Reply
    • Ahmed Garba says:
      May 26, 2021 at 2:58 pm

      This is the batter may people of Nigeria

      Reply
  2. YA,U IBRAHIM says:
    May 23, 2021 at 11:55 pm

    I lake this

    Reply
  3. Surayya adam says:
    July 4, 2021 at 9:20 pm

    How will I apply for the loan

    Reply
  4. Shehu Usman said says:
    July 4, 2021 at 10:12 pm

    How I apply apply it?

    Reply
  5. Naziru kabiru says:
    July 5, 2021 at 12:06 am

    God bless Nigeria for the help farmers

    Reply
  6. Naziru kabiru says:
    July 5, 2021 at 12:09 am

    How to apply for this frogram

    Reply
    • Naziru kabiru says:
      July 5, 2021 at 12:10 am

      OK thanks

      Reply
      • Inah Boniface Ade says:
        July 11, 2021 at 8:08 am

        Some of us hear about this program but how to apply successfully is the challenge, majority of us from south Calabar in Cross river state

        Reply
  7. Abdulrahman Muhammed gudumbali says:
    July 6, 2021 at 1:05 am

    Agriculture

    Reply
  8. Hayatuddeen abubakar says:
    July 31, 2021 at 10:23 pm

    Hmm am tierd of this ,because I applied many time but I am not getting, but if I get I will be happy.

    Reply

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