About N1.1 trillion that was put into in the Central Bank of Nigeria’s (CBN) Loan Program, only N575 billion has been recovered till date.

According to The Nation, the agencies tasked with collecting the unpaid loans are going after banks, farmers, and other people who have some connection to the loans.

Sources told the newspaper that many of the banks are accused of failing to account for the funds that passed through them for disbursement to beneficiaries.

One of the sources said: “Most of the banks have not accounted for the funds given to them for the programme.

“Many of them got money they did not disburse and never returned such money to the government.

“So they have to account for those. The banks have been contacted, and some of them have expressed their willingness to cooperate with the probe.

“As it is, the Presidency has given marching orders that relevant security agencies recover the loans for the Federal Government.

“Among those who would be involved in the probe are the farmers, individuals, banks, companies, microfinance banks, credit and thrift services, among others.

“In the coming days, more details would come to light over the matter, but for now, it is confirmed that the go-ahead has been given for the money to be recovered.

“It is not out of place for the Presidency to give such orders to security agencies on issues of national importance. It is not unusual for the president to authorize security agencies to carry out such tasks.

“As I said, many of the banks did not account for the money in their custody, which they did not disburse.

“They have been written to in respect of the probe, and some have expressed their commitment to work with the security agencies on the matter.”