Anchor Borrowers: Cotton Farmers Raise Alarm Over Non-Disbursement Of Fund

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Cotton farmers in Gombe State have expressed dissatisfaction over what they call the refusal of the Central Bank of Nigeria (CBN) to release fund under the Anchor Borrowers Programme, for the rainy season cotton farming.

Speaking at a town hall meeting organised by the Project Monitoring Team in Gombe, the leader of a cluster of cotton farmers, Alhaji Muhammad Abiola, said CBN’s approach to the entire programme is worrisome and might sabotage President Muhammadu Buhari’s intention of boosting the agricultural sector to be a viable economic base of the country.

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Anchor Borrowers: Cotton Farmers Raise Alarm Over Non-Disbursement Of FundHe said the farmers have met all the requirement stipulated by the CBN, but the apex bank failed to disburse the fund to teeming cotton farmers that applied for the loan.

In his response, chairman of the Project Monitoring, Mr Adam Taufiq, said the delay was a result of the verification of the data and location of farmers that applied to be in the programme.

According to him, other factors that delayed the disbursement were BVN duplication and non-compliance by many farmers to meet the bank’s requirement.
He assured the farmers that the CBN will soon disburse the fund to farmers that complied with the laid down requirements.

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He therefore, enjoined the management of the Superior Cotton Processors to continue to encourage farmers with a view to boosting the agricultural sector.

Our correspondent reports that at the end of the meeting, the farmers agreed to organise a cluster meeting to come up with agreed prices of the commodity.