CBN Gives a Detailed Breakdown of N4trn Spent on Various Intervention Programmes in Different Sectors

CBN Gives a Detailed Breakdown of N4trn Spent on Various Intervention Programmes in Different Sectors

  • The Central bank of Nigeria has provided insight into how much it spent over the years on various intervention
  • The interventions which cut across different sectors of the economy have gulped over N4 trillion
  • Beneficiaries of the interventions are expected to repay the money as it is a loan, not a grant

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!

The Central Bank of Nigeria has provided a detailed breakdown of how much has been spent on various intervention programmes across sectors of the economy.

CBN disclosed the breakdown in a communiqué issued at the end of the first MPC meeting in 2023 published on its website.

The communique noted that the performance of the bank’s various interventions was aimed at stimulating production and productivity across the real sector.

CBN intervention
CBN continues its intervention to revive the economy Credit: @cbn
Source: Getty Images

Breakdown the interventions

Agriculture

PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!

Part of the report reads:

“Between September and October 2022, under the Anchor Borrowers’ Programme (ABP), the Bank disbursed N41.02 billion to several agricultural projects, bringing the cumulative disbursements under the Programme to over N1 trillion.”
“The beneficiaries are over 4.6 million smallholder farmers cultivating or rearing 21 commodities across the country.”

Details from the communique also revealed that the CBN released N300 million to finance large-scale agricultural projects under the Commercial Agriculture Credit Scheme (CACS), bringing the total disbursements under the Scheme to N745.31 billion for 680 projects in agro-production and agro-processing projects.

Real sector

For the real sector, the bank released the sum of N48.30 billion under the N1.0 trillion Real Sector Facility to seven (7) new real sector projects in agriculture, manufacturing, and services.

CBN said:

“Cumulative disbursements under the Real Sector Facility currently stood at N2.15 trillion disbursed to 437 projects across the country, comprising 240 in manufacturing, 91 in agriculture, 93 in services and 13 mining sector projects."

Furthermore, under the 100 for 100 Policy on Production and Productivity (PPP), the Bank has disbursed the sum of N20.78 billion to nine (9) projects in healthcare, manufacturing, and services.

This brings the cumulative disbursements under the facility to N114.17 billion for 71 projects across healthcare, manufacturing, services, and agriculture.

Energy

The Bank also released N4.00 billion under the Intervention Facility for the National Gas Expansion Programme (IFNGEP) to promote the adoption of compressed natural gas (CNG) as the preferred fuel for transportation and liquefied petroleum gas (LPG) as the preferred cooking fuel.

MSME

In the MSME sector, the Bank supported entrepreneurship development with the disbursement of the sums of N1.33 billion and N10.00 million under the Agribusiness/Small and Medium Enterprise Investment Scheme (AgSMEIS) and Micro, Small, and Medium Enterprise Development Fund (MSMEDF), respectively, to support entrepreneurship development in the country, bringing the total disbursement under the interventions to N150.22 billion and N96.08 billion, respectively.

Export

Under the Export Facilitation Initiative (EFI), the Bank funded. export-oriented projects with a sum of N5.34 billion, bringing the cumulative disbursement under the intervention to N44.58 billion, Punch reports.

CBN begins implementation of National Domestic scheme January 16, to unify payments in Nigeria

Legit.ng reported that the much-touted National Domestic Card Scheme by the Central Bank of Nigeria (CBN) is billed to commence on January 16, 2023.

The CBN, in partnership with the Nigeria Inter-Bank Settlement System (NIBBS), said the scheme will unify payments in Nigeria and bring in the unbanked population.

The card is also expected to rival big industry players such as Mastercard and Visa.

Source: Legit.ng

Online view pixel