Dr Yusuf Yila, the Central Bank of Nigeria’s director of development finance, has disclosed that out of the N9.3 trillion it lent to businessmen and women, it has recovered thus far only N3.7 trillion from them.
According to the statement from the apex bank, the remainder of N5 trillion was not yet due to be reclaimed from the debtors.
Yusuf Yila, revealed this to the press on Wednesday in Abuja, noting that manufacturers received the largest share of the budget at 31%.
“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,” Yusuf Yila , said.
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He stated that in the bank’s efforts to control inflation, intervention funds had been reduced.
N400 billion, according to Yusuf Yila had been recovered and N1 trillion had been disbursed through the Anchor Borrowers Program.
Yusuf Yila urged borrowers to pay back their debts because the bank had set up a desk in conjunction with the Economic and Financial Crimes Commission to pursue loan recovery.
His words: “Anyone who borrowed money from us will repay it. We have paid states back and have debited their FAAC. We will repay every single loan taken from our development finance.”
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