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Only 24% Of CBN Anchor Borrowers’ Loans Repaid – IMF

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The International Monetary Fund has disclosed that only 24 per cent of loans dirbursed under the Anchor Borrowers’ Programme of the Central Bank of Nigeria have been repaid.

This disclosure was contained in the IMF’s Selected Issues paper on Nigeria, which was prepared by a staff team of the fund as background documentation for the periodic consultation with the country.

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It was noted that the document was based on the information available as of the time it was completed on January 12, 2023.

According to the IMF, agricultural credit in the country has not significantly boosted production even though there is the challenge of targeting the right recipients for the credit.

READ ALSO: Nigeria Risks Food Crisis In 2023, Says IMF

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It noted, “The weak effect of agricultural credit on production growth could be associated with difficulties in targeting the correct recipients.”

The IMF noted that although the CBN allows farmers to pay in kind or cash under the ABP, repayments have been very low.

The document read, “For the Anchor Borrowing Programme, repayment is also low at 24 per cent, especially since repayment can be made in kind, thereby limiting the tenor of the loans to one year.

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“Part of the problem is that the incentive structure for repayment is weak, the recipient loans are not always well targeted and occasionally the funding is used for other purchases (e.g., new agricultural input trading companies to elicit trading rents).”

It was also noted that the Anchor Borrowers Programme, established in 2016, initially set aside N40bn to support farmers by offering single-digit interest rate loans.

However, over N1tn has been disbursed through mid-2022 from this programme, with CBN providing a rising share of banking system agricultural financing.

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The All Farmers Association of Nigeria, in December 2022, said most beneficiaries of the billions of naira released by the CBN under its Anchor Borrowers’ Programme were not Nigerian farmers.

READ ALSO: Nigeria Failed To Increase Export Diversification Overtime –IMF

Although the CBN kicked against this claim, AFAN argued that the apex bank was finding it tough to recover the loans because the funds were disbursed to individuals who were not into farming and not captured in the database of the association.

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The National Secretary, AFAN, Yunusa Yabwa, said, “Our members have benefitted from the programme, but most people who benefited from the ABP are not Nigerian farmers. I must confess that to you.

“That is why you see today that the CBN, NIRSAL, commercial banks, who were the channels for the distribution of this fund, are complaining that these beneficiaries are not repaying the loans.”

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NNPCL Reduces Fuel Price After Dangote Refinery’s Adjustment

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The Nigerian National Petroleum Company Limited has reduced its premium motor spirit pump price on Thursday, according to DAILY POST.

It was confirmed that NNPCL retail outlets in the Federal Capital Territory, Abuja, have reduced their pump price to N890 per litre from N945.

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This new fuel price has been reflected in NNPCL retail outlets such as mega station Danziyal Plaza, Central Area, Wuse Zone 4, Wuse Zone 6, and other of its filling stations in the nation’s capital.

READ ALSO:N5bn Damage: NNPCL Secures Appeal Court Victory Against Ararume

The latest downward review of fuel price in NNPCL outlets represents an N55 reduction in fuel pump price.

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It was reduced to N890 per litre this afternoon, down from N945,” an NNPCL fuel attendant told DAILY POST anonymously on Thursday.

This comes a Nigerian filling station, MRS Empire Energy, on Thursday adjusted their fuel pump price to N885 and N946 per litre, down from N910 and N955 per litre.

The latest fuel price reduction trend is unconnected to Dangote Refinery’s ex-depot petrol price adjustment by N30 to N820 per litre from N850 and the price of crude oil in the international market.

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Dangote Refinery Reduces Fuel Price

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Dangote Petroleum Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit, PMS, commonly known as petrol, by N30, from N850 to N820 per litre, effective from August 12, 2025.

This was disclosed in a statement by the company’s spokesman, Anthony Chijiena, on Tuesday.

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The 650,000-barrel-per-day plant said the move is part of its unwavering commitment to national development, assuring the public of a consistent and uninterrupted supply of petroleum products.

READ ALSO:Dangote Refinery Gets New CEO

In line with our dedication to operational excellence and sustainable energy solutions, Dangote Petroleum Refinery will commence the phased deployment of 4,000 CNG-powered trucks for fuel distribution across Nigeria, effective August 15, 2025,” said Chijiena.

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The announcement comes as the refinery prepares to commence direct fuel distribution nationwide. The development is expected to lead petroleum product marketers to reduce their pump prices in the coming days.

In Abuja, the retail fuel price stood between N885 and N970 per litre as of Tuesday evening.

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Indian Refiners Abandon Russia For Nigerian Crude, As Dangote Refinery Relies On US

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India Refineries have abandoned Russian crude for Nigerian crude, while domestic refiner Dangote Refinery relies heavily on West Texas Intermediate crude from the United States of America.

This followed a recent sanction threat by US president Donald Trump on India over continued patronage of Russian crude.

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According to Reuters, industry sources said that Indian Oil Corporation recently bought one million barrels of Nigeria’s Agbami crude for September 2025 delivery in a tender awarded to global trader Trafigura.

Also included are one million barrels of Angola Girassol, one million barrels of US Mars, three million barrels of Abu Dhabi Murban, and two million barrels of Nigerian oil, according to Reuters.

READ ALSO:‘My Eyes Dey Your Body’: Drama As Portable Professes Love For Regina Daniels

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The report noted that the purchase is part of a broader sourcing spree that has seen Indian refiners secure millions of barrels from non-Russian sources post July 2025.

Meanwhile, Indian refiners secured purchases of Nigerian crude grades; the $20bn Dangote Petroleum Refinery in Ibeju-Lekki, Lagos, is relying on around 60 percent on US and other imoorts to feed its processing units.

Data showed that the refinery imported an average of 10 million barrels in July 2025, saying it was increasingly relying on the US for its feedstock despite the naira-for-crude deal with the Federal Government, which kicked off in October last year.

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According to Reuters, the Indian Oil Corp and Bharat Petroleum have bought a million barrels of non-Russian crude billed for delivery in September and October after the US pressured India to halt purchases from Russia.

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Indian state refiners had been largely absent from the Nigerian crude market spotlight since 2022; they have in the past concentrated on Russian crude amid the Russian-Ukrainian war. However, the Indian refiners paused Russian purchases in late July 2025 after pressure from US President Donald Trump.

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On the part of Dangote Refinery, data from commodities analytics firm Kpler showed that in July, US barrels accounted for about 60 percent of Dangote’s 590,000 barrels per day of crude intake, with Nigerian grades making up the remaining 40 percent.

In July, the Dangote refinery’s crude imports surged to a record 590 kbd—driven largely by US barrels overtaking Nigerian supply for the first time—amid ongoing domestic sourcing challenges, Kpler reports.

“While WTI has held a significant share in Dangote’s import slate since March, this is the first time US crude has overtaken Nigerian supply—a shift driven by several factors,” Kpler stated.

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