CBN recovers N471.82bn intervention loans in six months

The Central Bank of Nigeria has said it recovered N471.82 billion as cumulative repayment from the bank’s intervention programmes in the first half of 2022.

According to the apex bank’s half-year report for 2022, the recovery rate rose by 67.3 per cent from N282.3 billion in the preceding half of 2021.

It would be recalled that the Bank issued credit facilities as part of its development finance interventions in the critical sectors of the economy to improve access to credit, ensure price stability, and support job creation and economic recovery.

However, repayment by beneficiaries had been a difficult task, forcing the bank to take extra measures.

The report read, “Cumulative repayments from the Bank’s intervention programmes rose by 67.3 per cent to N471.82bn from N282.3bn in the preceding half.

“The increase reflected an increased drive for loan-recovery and positive returns on the programmes.”

On its beneficiaries, the report stated that a total of 240 projects, including on state-based project, and 95,091 individuals and businesses benefited from 17 intervention programmes by the Bank, in the review period.

It stated: “The interventions included the disbursement of N69.13bn to 51 projects, under the 100-for-100 policy on production and productivity (100 for 100 PPP) to enhance productivity and improve foreign exchange earnings.

“Also, in complementing efforts at mitigating the challenges in the power sector, a total of N34.37bn was disbursed to eight discos, under the Nigeria Electricity Market Stabilisation Facility.

“Furthermore, 16,569 electricity meters were distributed nationwide in the first half of 2022, via the National Mass Metering Programme.”