Applicants Laments Shortchanging Of Genuine Members


Over five thousand (5000), applicants for the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) from Benue, State have protested and lamented the shortchanging of genuine applicants during disbursement of the loan after years of application, and completion of procedures.

This is even as the applicants appealed to president Muhammadu Buhari and the Central Bank of Nigeria to monitor and addressed the bottle necks and corruption, hindering effective distribution of the loan to prospective applicants so that the bank will achievements its desired mandate.


The applicants who form themselves under a group known as CBN -NIRSAL Loan Applicants Association, are also alleging hijacking of the process by politicians who are only fronting their allies to access the loan.

Coordinator of the group, Pastor James Shaakaa, in an interview with Journalists in Makurdi, noted that though some of their members have applied and completed all the processes required before the disbursement, they are still yet to access the loan.

“The process for the loan from application to disbursement, which is expected to last between six to eight weeks is taking more than a year and in some cases two years without any results, and it is making most of our members who has put in their money with a hope of acquiring the loan to lost hope in the whole thing”

He alleged that applicants who have applied for the loan through politicians are the only people that are easily accessing the loan without stress.

Pastor Shaakaa lamented that over 90 percent of the loan applicants had to borrow money to be able to fulfil all the conditions to open their Accounts with NIRSAL Microfinance Bank and are under pressure to pay back.

“Untimely disbursement of funds to successful applicants all over the nation and attachment of successful applicants to specific vendors are some of the hiccups frustrating thousands of applicants who have successfully complete all the conditions but are yet to collect the loan. This is making prospective applicants to lose hope in the organization and the Buhari administration”

Read the Source post on Leadership Newspaper.