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The Central Bank of Nigeria (CBN) has started winding down its special intervention fund with a promise to recover every kobo disbursed so far
The Central Bank of Nigeria (CBN) has started winding down its special intervention fund with a promise to recover every kobo disbursed so far.
The apex bank said it has closed the door to the funds, except those that are still very critical to the economy, such as the ones relating to small and medium-scale enterprises and power. The monetary authority also disclosed that N3.7 trillion has been recovered so far out of N9.3 trillion disbursed as of now. About N5 trillion is not yet due for repayment.
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Of the total stimulus package, N1 trillion was extended to farmers under the Anchor Borrowers’ Programme (ABP) with a recovery rate of 40 percent achieved. The Commercial Agriculture Credit Scheme (CACS) is the most successful among the programmes with N700 billion out of N800 billion lent paid back, said CBN officials. The bank official also said that the apex bank would soon start recovering budget support facilities extended to state governments, by debiting their share from the Federation Account Allocation Committee (FAAC).
