Fakoyejo OlalekanFarmers have opposed the decision of the Central Bank of Nigeria (CBN) to halt the Anchor Borrowers Programme, demanding for the intervention of President Muhammadu Buhari.
The Central Bank of Nigeria had stopped the Anchor Borrowers Programme, which offers farmers affordable credit, in 2021, about six years after it was created.
Join our WhatsApp ChannelThe farmers asked that President Buhari should order the resumption of the loan programme, as they are facing various challenges that needs financial aid.
According to the Chairman, Forum of Agricultural Commodity Associations’ Presidents, Sadiq Daware, the current floods have worsened the situation, couple with unavailability of quality inputs, insecurity, unavailability of affordable finance, and soaring inputs’ prices.
To avert impending threat to national food security, Presidents of 68 agricultural commodities’ associations said the CBN needs to continue the Anchor Borrowers Programme.
Explaining the challenges faced by the farmers, Daware said, “Since 2015 the bank has been providing support to farmers. In fact, a lot of money was disbursed and farmers to some extent have utilised those funds. You are all witnesses of the return of pyramids across the country.”
He added that, “But now, the CBN has stopped providing funds to support farmers and this was since 2021 till this year, 2022. For close to one and half years, farmers under our associations have not received support from the CBN.
“Therefore, we are calling on the President to again ask them (CBN) to continue supporting farmers in Nigeria to scale up capacity and produce what Nigerians can eat.
“I earlier stated that the government was spending about $2bn annually to support rice imports, but it has been able to save this huge amount of money and channel it to critical parts of the economy.”
Daware lamented despite the daunting challenges experienced during the 2021/2022 farming season, “the CBN has halted funding of Anchor Borrowers Programme and, therefore, no other support was given to farmers.
“This singular act may eclipse the significant achievements that have been made by this administration in this sector. In this regard, the forum is seeking for audience with Mr. President to give him first-hand information on Nigerian agriculture situation.”
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