The latest Central Bank of Nigeria (CBN) report has unveiled that out of the N10.3 trillion intervention loans disbursed, N193 billion has been officially declared as lost, with an additional N418.9 billion categorized as doubtful.
As per a September 2023 CBN publication, a detailed breakdown of the bank’s intervention funds over time is outlined.
Of the total N10.3 trillion intervention funds, less than N4.4 trillion has been settled.
Conversely, approximately N5.8 trillion remains outstanding.
While some loans follow a structured tenure, with repayments only due upon maturity of principal amounts, the report highlights that only N969.8 billion of the outstanding balance was past due, given that certain loans have repayment tenures stretching beyond 2023. Consequently, the report suggests a repayment rate of 75.8% in relation to amounts due.
The CBN report further segments the loans into categories, with N289 billion classified as performing, N67.9 billion as substandard, N418.9 billion as doubtful, and N193.9 billion classified as lost.
The current apex bank governor, Yemi Cardoso, has repeatedly criticized the intervention fund procedures carried out during the tenure of former CBN governor, Godwin Emefiele.