CBN Intervention Fund Hits N1.18trn — Leadership Newspaper
Connect with us
Advertise With Us

COVER STORIES

CBN Intervention Fund Hits N1.18trn

Published

on


The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N1.181 trillion through its several intervention schemes in an effort to help grow the Nigerian economy which is recovering from a recession, triggered by a drop in oil income.

According to the CBN, the amount represented the total monies that had been disbursed as at June 2017, through its several intervention schemes.

The Financial Stability Report for the period ended June 2017, released by the apex bank showed that N472.98 billion used for 513 projects had been disbursed through the Commercial Agriculture Credit Scheme (CACS) since its inception.

In the first half of last year, the sum of N79.56 billion had been disbursed to 11 banks for 23 projects compared  to N35.99 billion disbursed to 13 banks for 39 projects in the preceding period. This reflected an increase of N43.57 billion and a decrease of 16 projects.

Repayments under the scheme during the first half of 2017 stood at N19.78 billion through 17 banks for 185 projects, bringing the repayments to N244.79 billion from inception. Also, a total of 21,073 loans valued at N3.03 billion had been guaranteed under the Agricultural Credit Guarantee Scheme  (ACGS)in the first half of 2017 for two commercial and 36 microfinance banks as against 34,774 loans valued N4.47 billion for three commercial and 37 microfinance banks in the second half of 2016.

This indicated a decrease of 39.40 and 32.21 per cent in the number and value of loans guaranteed. Cumulatively, 1.08 million loans valued N107.04 billion had been guaranteed from inception to end-June 2017 under the scheme. There was also a decline in loan repayment under the ACGS as the sum of N2.94 billion involving 18,600 projects was repaid compared to N5.55 billion for 34,083 projects in the corresponding period of 2016.

Under the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF), only N1.59 billion was disbursed in the first half of last year, compared to N15.15 billion in the second half of 2016. Total disbursement from inception stood at N77.06 billion. A total of 113,077 female and 78,411 male micro-enterprise owners as well as 410 SMEs (Commercial Bank Projects) had benefited from the Fund since inception in 2013.

In the first half of last year, the sum of N12.58 billion was disbursed to 56,430 farmers in 17 states, compared to N12.09 billion that was disbursed to 49,658 farmers in 16 states in the preceding half of 2016, bringing the cumulative disbursement to N31.52 billion.

The Youth Entrepreneurship Development Programme (YEDP), suffered a setback as N691.02 million was refunded to the CBN due to operational issues relating to disbursements, while N85.75 million was disbursed to 32 entrepreneurs. CBN in the report noted that no application was received under the Small and Medium Enterprises Credit Guarantee Scheme (SMECGS) in the first half of 2017. Cumulatively, 88 projects valued at N4.25 billion guaranteed under the scheme were fully repaid.

The sum of N22.73 billion was released to seven projects under the Real Sector Support Facility (RSSF), culminating to 10 projects valued at N30.58 billion that had been financed under the initiative from inception to June 2017.



Copyright LEADERSHIP.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from LEADERSHIP Nigeria Newspapers. Contact: editor@leadership.ng







Advertisement
Comments

MOST POPULAR