The time when we have failed interventions is over. We’re doing so with various degrees of success.
The Central Bank of Nigeria recorded a N4.145tn drop in net loans and receivables in 2024, driven by reduced overdrafts to the Federal Government and a policy shift away from development finance initiatives. According to its audited financial statements, net loans fell from N16.122tn in 2023 to N11.977tn. The group position declined by N4.132tn to N10.959tn.
Overdrafts under the Ways and Means provision dropped 58.89%, from N7.948tn to N3.268tn, following the securitisation of N22.7tn in 2023. Intervention loan recoveries totaled N252.996bn, with notable repayments from the Anchor Borrowers’ Programme and other schemes.
CBN Governor Yemi Cardoso said, “The time when we have failed interventions is over. There is no wiggle room to take up interventions that do not get down to the people who were intended to in the first place.”
Cardoso emphasized the need to “monitor them to ensure that they come back in,” aligning with the apex bank’s renewed focus on monetary stability.