The Central Bank of Nigeria (CBN) has disclosed that a total of N10.3 trillion was distributed as intervention funds under Godwin Emefiele.
The apex bank reported that out of the intervention funds, N193 billion is missing and another N418.9 billion is doubtful.
A doubtful loan is one where full repayment is uncertain. The repayment of such loans can range from a partial loss to a complete loss unless corrective measures are taken.
This was revealed in a report last updated in September 2023, which outlined the breakdown of the bank’s intervention funds over the years.
According to the report, out of the N10.3 trillion intervention funds, N4.4 trillion has been repaid, leaving approximately N5.8 trillion outstanding.
A report obtained by Daily Trust reveals that some loans have specific repayment terms, meaning they are only due when the principal repayments mature.
Out of the total outstanding amount, only N969.8 billion was overdue, as some loans had repayment terms extending beyond 2023. The report stated that 75.8% of repayments were made on time.
According to the report from the central bank, N289 billion of the loans are being paid as scheduled, N67.9 billion are considered substandard, N418.9 billion are doubtful, and N193.9 billion are considered lost.
It is worth noting that CBN governor, Yemi Cardoso, has criticized the intervention funds managed by Emefiele’s leadership, claiming that the bank has not implemented the interventions effectively.
