The Central Bank of Nigeria has lent businesses N9.3 trillion and has recovered N3.7 trillion from them. The apex bank stated that N5tn was not yet due. Dr. Yusuf Yila, the CBN's director of development finance, revealed this to press on Wednesday in Abuja and noted that manufacturers received the largest share of the budget, at 31%. "Some of the loans are suspended. Agriculture has made way for manufacturing. The intervention has so far benefited exports, manufacturing, agriculture, health, and SMEs, he said. He stated that in the bank's efforts to control inflation, intervention funds had been reduced.
He added that N400 billion had been recovered and N1 trillion had been disbursed through the Anchor Borrowers Program. He 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. "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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