CBN Recovers N3.7 Trillion From Intervention Funds

The Central Bank of Nigeria (CBN) has recovered a total of N3.7 billion out of the N9.3 trillion disbursed under its intervention schemes in the last four years.
The Director of the Development Finance Department of the bank, Yusuf Yila, disclosed this at a press briefing in Abuja, on Wednesday.
He said a total of N5.3 trillion of the intervention funds was not yet due for repayment.
He said the regulatory bank plans to scale down on disbursement as part of measures to curtail increased liquidity in the system and rein inflation.
Yila insisted that all beneficiaries of CBN intervention schemes must pay back their loans, as according to him, they were not grants.
Providing details of the disbursement under the intervention scheme on Tuesday, the regulatory bank governor, Godwin Emefiele said the bank released the sum of N66.99 billion to 12 additional projects in manufacturing and agriculture under the real sector facility.
According to the governor, cumulative disbursements under the Real Sector Support Facility (RSSF) currently stood at N2.10 trillion disbursed to 426 projects across the country.
“Furthermore, under the 100 for 100 Policy on Production and Productivity (PPP), the Bank disbursed the sum of N20.17 billion to 14 projects in healthcare, manufacturing, and services, bringing the cumulative disbursement under the facility to N93.39 billion to 62 projects.
“In the healthcare sector, N4.00 billion was disbursed to two (2) healthcare projects under the Healthcare Sector Intervention Facility (HSIF), bringing the cumulative disbursement to N130.54
billion for 131 projects, comprising 32 pharmaceuticals, 60 hospitals and 39 other services.
“Under the Export Facilitation Initiative (EFI), the Bank funded several commodity projects in the non-oil export segment for value-addition and production to the tune of N3.24 billion, aside the N50.00 billion disbursed through the Nigerian Export-Import Bank (NEXIM),” Emefiele.