The Joint Senate Committee on Banking, Insurance and Other Financial Institutions, Finance, National Planning, Agriculture and Appropriation on Tuesday revealed how the Central Bank of Nigeria under Godwin Emefiele abused N10 trillion the Anchors Borrowers Programmes.
It was launched by ex-President Muhammadu Buhari to create a link between anchor firms and small holder farmers.
The focus of the ABP was to provide seed to farmers and cash to grow the crops.
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The Joint Committees in a report considered by the Senate revealed that over N10 trillion by the CBN, disguised as development finance intervention, had a significant part of it abused by the Apex Bank under Emefiele, who is currently undergoing trial.
The report reads: “Over N10 trillion by the Central Bank of Nigeria previously disguised as development finance interventions of which a significant part was the largely abused Anchors Borrowers Scheme as well as the adoption of inflation-targeting framework to achieve price stability.”
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