NIRSAL CREDIT : Activist Wants FG To Probe Loans Disbursement

An Activist cum politician ,  Olayiwola Ibrahim has called on the federal government to probe the Nigerian Incentive Risk Sharing System for Agriculture Lending (NIRSAL)and a proper scrutinization of the relevant authority responsible for the disbursements of the loans credit facility since March 2020 against the backdrop of Covid 19 palliative.

 

The management of NIRSAL Microfinance Bank had requested for the payback of COVID-19 loans secured by many entrepreneurs across Nigeria through the Central Bank of Nigeria’s (CBN) Targeted Credit Facility (TCF).

 

This call was made by the financial institution on Monday via its Twitter handle.

 

Nigerians on Twitter have been having a complex discussion about the repayment of NIRSAL loans with some admitting that they do not have the means to pay back the loans.

 

 

But according to a statement, the People Democratic Party (PDP) stalwart said a committee should be set up on the alleged misappropriation of funds to trace how the money was been disbursed through their database from one end to another.

 

He described the statement issued on its twitter handle on Monday 8, 2022 by the financial facility as a mess to the Central Bank of Nigeria CBN and the nation despite the provision of Bank Verification Number and account number used in accessing the funds of a whole 80,000 applicants.

 

While describing the financial facility as lack of potentiality, Ibrahim noted that the funds can be recovered by taken a critical look on the documents submitted to track the applicants with their Corporate Affairs Commission CAC and other requisite documents.

 

“More so, the Bank can also conduct an internal review of applications to ensure compliance with stipulated requirements of the applicants,”he stressed.

 

The Alimosho Local Government Area  based  politicians enjoined the government to play their part at ensuring that government funds and property should not be mishandled inappropriately without prompt evidences to trace their sources in order to recover such funds as described above.

NIRSAL Plc. is a US$500million Non-Bank Financial Institution wholly-owned by the Central Bank of Nigeria (CBN) created to Redefine, Dimension, Measure, Re-Price and Share agribusiness-related credit risks in Nigeria.