N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

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N193 Billion Intervention Loans In Nigeria Declared Lost – CBN

A report by the Central Bank of Nigeria, CBN, has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost, and another N418.9 billion remains doubtful

According to a CBN report published in September 2023, the bank’s intervention funds breakdown over the years is detailed.

According to the report, out of the N10.3 trillion in intervention funds, less than N4.4 trillion has been repaid.

In contrast, approximately N5.8 trillion remains outstanding.

Some loans are tenured, meaning they only fall due when the principal repayments mature.

However, only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8 per cent.

The apex bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard, N418.9 billion is doubtful, and N193.9 billion of the loans are lost.

The apex bank governor, Yemi Cardoso, has repeatedly faulted the intervention funds carried out under the leadership of former CBN governor, Godwin Emefiele.

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By Abia ThinkTank

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