FG mandates security agencies to recover N500b Anchor Borrowers loans

President Bola Tinubu has given relevant security agencies a marching order to recover over N500 billion given as loans under  the Federal Government’s  Anchor Borrowers Programme, The Nation gathered yesterday.

About  N1.1 trillion was  sunk into the programme,of which  only  N575 billion has so far been recovered.

The agencies saddled with the responsibility of recovering the outstanding loans are targeting  banks, farmers and other  individuals who had one thing or the other to do with the money, sources said.

Many of the banks  are accused of failing to account for the funds which passed through them for disbursement to  beneficiaries.

One of the sources said:”Most of the banks have not accounted for the funds given to them for the programme.

“Many of them got money they did not disburse and never returned such money to the government.

“So they have to account for those. The banks have been contacted and some of them have expressed their willingness to cooperate with the probe.

“As it is, the Presidency has given marching orders that the loans be recovered by relevant security agencies for the Federal Government.

“Among those who would be involved in the probe are the farmers, individuals, banks, companies, microfinance banks, credit and thrift services among others.

“In the coming days more details would come to light over the matter, but for now, it is confirmed that the  go-ahead has been given for the money to be recovered.

“It is not out of place for the Presidency to give such orders to security agencies on issues of national importance. It is not unusual for the president to authorize security agencies to carry out such tasks.

“As I said, many of the banks did not account for the money in their custody which they did not disburse.

“They have been written to in respect of the probe and some have expressed their commitment to work with the security agencies on the matter.”