“Presid
Thank you for reading this post, don't forget to subscribe!The presidency has issued directives to various security agencies in the country to recover loans totaling over N500 billion from the Federal Government Anchor Borrowers Programme. This initiative aims to retrieve funds from banks, farmers, individuals, state governments, and other financial institutions, among others. The deadline for this recovery effort is set for September 18, 2023.
In addition to recovering these outstanding loans, the security agencies have also been instructed to investigate the borrowers. This action has been prompted by the need to bolster government funds in the face of economic challenges in the country.
Sources within the security sector have revealed that out of the N1.1 trillion allocated to the programme, only approximately N575 billion has been successfully recovered. It has come to light that some banks and financial institutions, despite receiving funds from the Central Bank of Nigeria (CBN), failed to disburse the full amounts to beneficiaries and did not return the excess funds to the CBN. In some cases, these institutions disbursed lesser amounts to beneficiaries and retained the remaining funds.
Many of these banks are also unable to account for the funds that passed through them to various beneficiaries of the loan. Security agencies have initiated contact with the affected banks, financial institutions, and cooperatives to address these discrepancies.
A spokesperson for the Department of State Service (DSS) did not confirm the agency’s involvement but stated that it is not unusual for the Presidency to issue such directives to security agencies on matters of national significance. Further details on this matter are expected to emerge in the coming days, as efforts are made to recover the outstanding funds.
