President Bola Ahmed Tinubu has instructed the appropriate security agencies to initiate the retrieval of more than N500 billion disbursed as loans within the framework of the Federal Government’s Anchor Borrowers Programme.
Approximately N1.1 trillion was allocated to the Loan Programme implemented by the Central Bank of Nigeria (CBN), with a modest recovery of N575 billion achieved thus far.
President Bola Ahmed Tinubu
As per The Nation, the entities entrusted with the task of recuperating the remaining loans are focusing their efforts on financial institutions, agriculturalists, and other individuals who were involved in the utilization of said funds.
According to sources, it has been reported by the newspaper that numerous banks are being accused of neglecting to properly document the funds that have been entrusted to them for distribution to the intended recipients.
According to one source, it has been observed that a significant number of banks have yet to properly account for the funds allocated to them under the aforementioned programme.
A considerable number of individuals received funds that were not disbursed and failed to reimburse said funds to the government.
Therefore, it is imperative that they take into consideration those factors. The financial institutions have been reached out to, and a few of them have conveyed their inclination to collaborate with the investigation. “In its current state, the Presidency Tinubu has issued directives for the pertinent security agencies to undertake the task of recuperating the loans owed to the Federal Government.
Among the entities that would be engaged in the investigation are the agricultural producers, individuals, financial institutions, corporations, microfinance banks, credit and thrift services, and various other stakeholders.In the forthcoming days, additional information will emerge regarding this issue; however, at present, it has been verified that authorization has been granted for the retrieval of the funds.
It is not inappropriate for the executive branch to provide directives to security agencies regarding matters of national significance. It is not uncommon for the president to grant authorization to security agencies to undertake such tasks.”As previously mentioned, it has come to my attention that a considerable number of financial institutions failed to properly record the funds under their care, specifically those that were not distributed.
The individuals in question have received correspondence regarding the investigation, and a few have conveyed their dedication to cooperating with the security agencies in relation to this issue.
