According to report, the Central Bank of Nigeria’s Intervention Funds Programme, estimated at N10.3 trillion, has achieved a repayment rate of 75.8%.
This information is according to a report detailing the breakdown of the bank’s intervention funds over the years.
Report also accounts that N193 billion of the total loans disbursed have been declared lost and another N418.9 billion remains doubtful.
However, report also has it that out of the N10.3 trillion in intervention funds, N4.4 trillion has been repaid, while approximately N5.8 trillion remains outstanding. Some of the loans are tenured meaning they only fall due when the principal repayments mature.
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Only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8%.
Yemi Cardoso, the Apex Bank Governor, , has repeatedly criticized the intervention funds carried out under the leadership of Emefiele, claiming that the bank could not implement the interventions appropriately.
The Apex Bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard and N418.9 billion is doubtful. The report also indicates that N193.9 billion of the loans are lost.
Nevertheless, sources within the bank also suggest some of the claims of the apex bank governor were made without considering the impact of some of the programs.
Some sources that pleaded to remain anonymous stated that the tepid economic growth currently being experienced could have been worse were it not for the intervention funds.
They also stated that some of the loans funded some of the projects currently being touted by the Tinubu administration as part of fulfilling its renewed hope mandate.
The officials cited the Blue and Redline Rail projects, recently released fertilizers to farmers and some of the food released from the strategic reserve of the apex bank.
Another source also pointed out that while some of the funds may have appeared to be “printed” most were sourced from the CRR deposits of banks. The apex bank funded over 72% of the N10.3 trillion loans.
