An exclusive report reveals insights into the Central Bank of Nigeria's (CBN) N10.3 trillion Intervention Funds Programme, shedding light on the complexities and challenges faced. With a repayment rate of 75.8%, the program has garnered attention, especially as N193 billion in loans has been declared lost, with an additional N418.9 billion deemed doubtful.
The breakdown, obtained by Nairametrics, details the intervention funds' status, highlighting both successes and setbacks. Notably, out of the N10.3 trillion disbursed, N4.4 trillion has been repaid, leaving approximately N5.8 trillion outstanding, with some loans tenured beyond 2023.
The report underscores the significance of these interventions in economic growth and various sectors, including agriculture and manufacturing. However, challenges persist, including defaulters in programs like the Anchor Borrowers' Programme (ABP) and the Solar Connection Facility (SCF). While the ABP saw significant cultivation and job creation, challenges such as post-harvest losses and security issues hindered progress.
Similarly, the manufacturing sector faces obstacles like high energy costs and inflationary pressures. As stakeholders assess the efficacy of these interventions, discussions revolve around the need for accountability and strategies to address loan defaults and improve program effectiveness for sustainable economic growth.
Source: Nairametrics
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