Central Bank lends N9.3tn to businesses, slows down interventions

Central Bank lends N9.3tn to businesses, slows down interventions

The Central Bank of Nigeria, CBN said it lent N9.3tn to businesses, recovering N3.7tn from it.

The apex bank said N5tn was not yet due.

THECONSCIENCEng reports that the Director of Development Finance, CBN, Dr Yusuf Yila, disclosed this to journalists on Wednesday in Abuja, noting that manufacturers got 31 per cent of the fund, which was the biggest chunk.

“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,” he said.

He noted that intervention funds had been slowed down in the bank’s efforts to rein in inflation.

Dr. Yila further said that N1tn had been disbursed under the Anchor Borrowers Programme while N400bn had been recovered.

He warned debtors to repay as the bank had collaborated with the Economic and Financial Crimes Commission 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.”