After Tinubu's Deadline, CBN Recovers N264.04 Billion From Debtors, Other Intervention Schemes
- The Central Bank of Nigeria (CBN) said it has recovered over N260 billion from its debtors
- The bank disclosed this in its 2023 half-year report, stating that the recovery was 27.4% higher than previous recoveries
- The development follows an ultimatum given by President Tinubu to recover various loans under its intervention schemes
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Nigeria’s apex bank, the Central Bank of Nigeria (CBN) said it has recovered N264.04 billion from borrowers under its development financing schemes in the first six months of 2023.
The bank disclosed this in its Half-Year Economic Report for 2023, saying that the recovery was 27.4% higher than the N207.33 billion recovered in the same period in 2022.
Source: Twitter
CBN reduces its lending pace
The bank noted further that it reduced its lending pace in 2023 compared to the year before.
The said it released N331.33 billion in the first half of 2023, which marks a 35.43% decline when compared to N513.13 billion funds released in the same period of the year before.
The CBN said about 63 projects benefited from the financing schemes in the first six months of 2023.
Leadership reported that the 63 projects include 134,275 persons and businesses which benefitted from CBN’s intervention programmes, compared with 125 and I87 projects including 279,211 and 134,275 persons and businesses which are beneficiaries of its 19 and 20 schemes, respectively in 2022.
President Tinubu orders security agencies to recover CBN loans
Total disbursement declined by 35.4% to N331.33 billion below N513.13 billion disbursed in 2022, while repayment rose by 27.4% to N264.04 billion above N207.33 billion in the same period.
The development comes after President Bola Tinubu asked security agencies to recover loans given by the CBN under various intervention programmes, especially the Anchor Borrowers Programme, which CBN said recorded over N1 trillion in disbursement.
The Financial institution’s regulator had asked commercial banks to recover loans given under various schemes.
CBN Activates Automatic Debit Orders on Debtors Accounts, Other Defaulters in Commercial Banks Read more: https://www.legit.ng/business-economy/industry/1565807-cbn-activates-automatic-debit-orders-anchor-borrowers-programme-debtors-banks/
CBN activates automatic debit orders on debtors' accounts, other defaulters in commercial banks
Legit.ng reported that the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, revealed that over N10 trillion has been loaned to customers under various intervention schemes.
CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers’ Programme (ABP).
The total disbursement under the ABP scheme amounts to N1.07 trillion to about 4.6 million smallholder farmers growing 21 commodities nationwide.
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Source: Legit.ng
