Sun, 4 Dec 2022


CBN recovers N3.7tn out of N9.3tn, slows down business intervention funds
By: News Editor
Wed, 28 Sep 2022   ||   Nigeria, Abuja

The Central Bank of Nigeria (CBN) on Wednesday has said that N3.7tn has been recovered from the N9.3tn lent to businesses.
The CBN Director of Development Finance, Dr Yusuf Yila, who disclosed this to Newsmen during an interview said N5tn is yet to be due and the manufacturers got 31 percent of the fund, which was the biggest chunk.
He said; “Some of the loans are under moratorium. We have moved from agriculture to manufacturing. So far, manufacturing, agriculture, health, exports and SMEs, have benefitted from the intervention.’’
Yila noted that intervention funds had been slowed down in the bank’s efforts to rein in inflation.
He further said that N1tn had been disbursed under the Anchor Borrowers Programme while N400bn had been recovered.
The Director urged debtors to repay as the bank had collaborated with the Economic and Financial Crimes Commission (EFCC) to set up a desk with a view to recovering the loans.
“Any person who borrowed from us will pay back. We have recovered from states and we debit their FAAC. Every single loan taken from our development finance will be returned.”



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