The Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending, NIRSAL, is to commence disbursement of over N246.5 million to farmers under the Anchor Borrowers Programme of the Central Bank of Nigeria (CBN).
There have been allegations by some farmers of undue delay in disbursement of CBN loans by NIRSAL in its capacity as a Partnering Financial Institution (PFI).
However, reacting to media inquiries over the allegations, the Head of Corporate Communications, Anne Ihugba, noted that NIRSAL was committed to timely disbursement of funds to applicants.
She, however, clarified that NIRSAL’s practice was to “disburse farmers’ funds approved by the CBN within 5days of receipt of Loan Term Sheets from the CBN,” once such farmers met stipulated loan conditions.
Her words, “This is in line with NIRSAL’s policy stance to always expedite the funds’ access process of all applicants who have met conditions precedent to draw down. ”NIRSAL observes the highest ethical and professional standards and restated that all funds from the CBN are disbursed directly into farmers’ accounts and farmers can access such funds once drawdown conditions have been met.”