NECA Sets Up Committee To Recover CBN’s N36bn Loan From Farmers

• NECA Sets Up Committee To Recover CBN’s N36bn Loan From Farmers

The North-East Commodity Association (NECA) has set up a committee in all local governments in the North-East to recover the Central Bank of Nigeria (CBN)’s N36 billion loan from farmers.

The Chairman of NECA, Sadiq Daware who inaugurated the committee for Borno State and its 27 local government areas on Sunday in Maiduguri, noted that the association had earlier told the farmers that the loans would be repaid.

The N36 billion loan was part of the Anchor Borrowers Programme of the Federal Government which NECA was able to secure from the apex bank on six different commodities, comprising rice, maize, sorghum, soya beans, sesame and cotton for farmers in the North-East.

According to him, Gombe State farmers were able to get the highest amount because they produced the six commodities, while 3,722 farmers in Borno State got the smallest amount, as they produced just one commodity, which is rice.

“With relative peace in Borno, we’re optimistic that at the end of the programme, we’ll be able to make substantive recovery. We expect to recover at least 80 per cent of the loans from the farmers.

“Payment of the loans will definitely allow for the continuation of the programme. If farmers receive loans without paying back, then the programme cannot be sustained.”

The loan, according to the Development Finance Officer at the CBN, Maiduguri Branch, Mahmud Nyako, differ by commodity and hectare.

“Each farmer gets N212,000 per hectare including labour related activities,” he explained.