A recent report from the Central Bank of Nigeria (CBN) disclosed that out of the total intervention loans amounting to N10.3 trillion disbursed, N193 billion has been declared lost, with an additional N418.9 billion deemed doubtful.
The report, last updated in September 2023, provides a detailed breakdown of the bank’s intervention funds over the years.
A loan is classified as doubtful when full repayment is uncertain, ranging from potential complete loss to uncertain repayment unless corrective measures are taken.
Out of the N10.3 trillion intervention funds disbursed, approximately N4.4 trillion has been repaid, leaving around N5.8 trillion outstanding. Some loans are tenured, meaning they mature for repayment over time.
However, only N969.8 billion of the outstanding amount was past due, as certain loans have repayment tenures extending beyond 2023. The report asserts that the percentage of repayments to amounts due stands at 75.8%.
Additionally, the report indicates that N289 billion of the loans are performing, N67.9 billion are classified as substandard, N418.9 billion are deemed doubtful, and N193.9 billion are declared lost.
CBN Governor Yemi Cardoso has criticized the handling of intervention funds under the leadership of Godwin Emefiele, expressing concerns over the bank’s inability to implement the interventions effectively.
