Your collateral-free loan to farmers will be taken over by ‘political farmers’ – Shehu Sani warns Buhari
The senator representing Kaduna Central, Sen. Shehu Sani, has told President Muhammadu Buhari that his directive to the Central Bank of Nigeria (CBN) and Ministry of Agriculture and Rural Development on collateral-free loan to farmers would be hijacked by politicians.
Sani, a Peoples Redemption Party (PRP) senator, said this in a tweet on Thursday morning.
The president gave the directive during an audience with members of the United Kingdom-based Foundation for Good Governance for Development in Nigeria at the State House, Abuja, on Tuesday.
He described the issue of collateral as “a terrible colonial legacy” that has prevented farmers from having easy access to capital.
But Sani, the Chairman of the Senate Committee on Local and Foreign Debt, while lauding the motive behind the directive, lamented that politicians would easily abuse the scheme and defeat the purpose for it.
He said, “The Presidential directive to the CBN and the Agric Ministry to give loans to farmers without collateral is a populist policy that will make loans accessible to poor farmers but also to fake farmers and political farmers.
“The Presidential directive will be abused.
“He simply, simplified largesse.”
The Prez directive to the CBN & the Agric Ministry to give loans to farmers without collateral is a populist policy that will make loans accessible to poor farmers but also to fake farmers & political farmers.The Prez directive will be abused.He simply,simplified largesse.
— Senator Shehu Sani (@ShehuSani) April 25, 2019