Just in: How Buhari, Emefiele’s ABP dashed N549.5Bn to 10 Northern States in 8 years
Fresh statistics and revelation have emerged on why the new administration under President Bola Tinubu has ordered the Central Bank of Nigeria (CBN) to immediately recover all loans given out under the so-called Anchor Borrowers Programme (ABP) for rice revolution in Northern Nigeria during the eight years of former President Muhammadu Buhari administration.
Besides, the revelation further provided facts on why Emefiele’s tenure at the apex bank was renewed in other to continue the dashing of the poorly securitized ABP loans to both real farmers and political farmers in the region.
In a revealing tweet posted by @StatiSense, figures revealed that amongst the 36 states and Abuja, 10 northern states had a lion share totaling N549.5Bn for rice revolution, but till date, there is no rice in the market to show for the massive investments, rather, smuggled foreign rice have taken over the markets.
There are however, strong indications that part of the fresh charges pressed on the ousted CBN chief included irregularities in giving out ABP loans without equivalent results not to talk of repayment.
The tweet by @StatiSense showed as follows:
- Kaduna State N139.9Bn
- Niger State N61.8Bn
- Kano State N58.2Bn
- Sokoto State N49.3Bn
- Jigawa State N48.iBn
- Kebbi State N42.6Bn
- Katsina State (Buhari State) 5Bn
- Borno State N36.5Bn
- Gombe N36.1Bn
- Zamfara State N34.5Bn
TOTAL…….N549.5Bn
An abridged statistics showed that no part of the country received up to half of what these 10 northern states received within the period under review.
Besides, these funds are being pumped to these northern states within the same period Fulani herdsmen and Bandits are holding sway in the forest. These scenarios therefore queries where and which rice farms were these tax payers funds invested in.
Investigations in parts of the North on the ABP loans showed that the beneficiaries are riding on the unconfirmed assurance that government will not venture to call for repayments as many were not given with any form of repayment security by the Emefiele’s CBN within the period under review.
Analysts say that has been why effective recovery of the loan especially in the north has been troublesome till date even as there is not enough rice in the Nigerian market to show for the humongous ABP loans.
