The Kaduna State Government has reported 725 beneficiaries of agriculture loans to the Economic and Financial Crimes Commission (EFCC) for refusing to pay back the loans.
The beneficiaries took the facility, totaling over N205 million, from the Bank of Agriculture (BOA) Limited in March 2015 and were required to pay back at the end of the farming season.
Governor Nasir El-Rufai’s spokesperson, Samuel Aruwan, told journalists on Thursday in Kaduna that the state government had written to the EFCC to assist in recovering the loans from the defaulters.
According to Mr. Aruwan, BOA in partnership with the state government had disbursed the loans to 1,859 beneficiaries but 725 of them failed to pay back, contrary to the terms and conditions attached to the facility.
“The agriculture loan scheme is an intervention of the state government in partnership with BOA meant to assist farmers in the state to have access to financial assistance in order to improve agricultural activities and ensure better harvest,” Mr. Aruwan said.
“It is a revolving loan that enable farmers to access funds and repay after a farming year to enable other beneficiaries enjoy similar interventions. BOA has therefore forwarded names and details of the defaulting beneficiaries to EFCC for investigation to commence.
“The BOA had on October 21 reached out to the government with details of the defaulters and the outstanding loans,” he said.
Mr. Aruwan added that the state’s Ministry of Agriculture and Forestry and the BOA had been directed to furnish the EFCC with information and documents that may be required for the recovery of the loans.
Support PREMIUM TIMES' journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
TEXT AD: To advertise here . Call Willie +2347088095401...