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  • Over N3trn Loans Disbursed To Revive Economy, Create Jobs – CBN

    Over N3trn Loans Disbursed To Revive Economy, Create Jobs – CBN

    The Central Bank on Thursday said it has disbursed over three trillion naira in intervention loans as part of efforts to facilitate economic recovery and generate employment opportunities since the wake of the Covid-19 pandemic.

    Governor Godwin Emefiele revealed this after a meeting of the Banker’s Committee in Abuja.

    “Ladies and gentlemen, to date the CBN, working with our DMBs and participating financial institutions has granted over N3 trillion in intervention loans that have undoubtedly been one of the critical ingredients for our economic recovery and employment generation,” Mr Emefiele said.

    “Specifically, under the Anchor Borrowers Programme, we have disbursed N948 billion to 4,478,381 smallholder farmers who cultivated 5.2 million hectares of farmland across the country, thereby creating 12.5 million direct and indirect jobs.

    “Under our Targeted Credit Facility, which was meant to help households and businesses that suffered significant losses during the pandemic, we have disbursed N368.79 billion to 778,000 beneficiaries comprising 648,052 households, and about 130,000 SMEs.

    “We have also disbursed N1.452 trillion to 337 Large real sector projects in agriculture, manufacturing, services, and mining under our Real Sector Support Facility.

    “In healthcare, 122 major healthcare projects have been funded to the tune of N115.36 billion. These healthcare interventions went to 31 pharmaceutical and 91 hospital projects. This intervention helped to support acquisition of 59 Magnetic Resonance Imaging (MRI) scanners, 42 Computer Tomography (CT) scanners, and 4 Oncology screening machines.”

    The CBN Governor also noted that it has worked to support small and medium enterprises in the agribusiness sector through the The Agric, Small and Medium Enterprise Scheme (AGSMEIS).

    “A total of N134.63 billion has been released to 37,571 SME projects of which 67 percent were directly in agriculture-related projects, 22.5 percent were in services, while the balance were in fashion, IT, and related sub-sectors,” Mr Emefiele said of AGSMEIS.

    “Under the Nigeria Electricity Stabilization Facility, a total of N229 billion has been disbursed to 9 DisCos to help cover their financial obligations to upstream market participants. These interventions have helped to significantly improve liquidity in their ecosystem and increase electricity generation from 4,000 MW in 2020 to over 5,000 MW as of September 2021.

    “The Bank has also released N47.83 billion to 10 DisCos under the National Mass Metering Programme for the procurement of 858,026 electricity meters. Because of these disbursements, the revenue collection for DisCos increased significantly to over N69 billion as of December 2021.”

    Mr Emefiele reiterated that the loans have helped to stabilise the economy.

    “It is important that I went through these numbers painstakingly to show that the problems we face in this country do have solutions as long as we work objectively to understand them and dispassionately to solve them,” he said.

    “It is obvious from the foregoing that the impact of these measures helped the country make the fastest recovery from recession ever recorded and changed the trajectory of inflation to an 8-month downward spiral.”

  • Chinese Loans: Anybody That Will Help Nigeria’s Infrastructure Is Welcome – Buhari

    Chinese Loans: Anybody That Will Help Nigeria’s Infrastructure Is Welcome – Buhari

    President Muhammadu Buhari on Wednesday defended his government’s decision to source loans from China, saying anyone willing to help Nigeria’s infrastructure is welcome.

    According to data from the Debt Management Office, Nigeria has borrowed $2.02 billion as loans from China from 2015 and the country’s debt portfolio from China has risen to $3.40bn as of March 31, 2021.

    Speaking during an exclusive interview on Channels Television, President Buhari stated that whenever there was a need to secure more foreign loans, his administration would do so.

    The Commander-in-Chief equally erased fears in some quarters that Africa’s most populous nation might be plunged into a debt trap.

    “We take that (loans) where it is necessary. I told you now of something, what it is used to be between Lagos and Ibadan alone not to talk of the rest of the country,” he said.

    “But we got the Chinese to help us in the rail and the roads, how can we turn that down? If we had turned that down, maybe between Lagos to Ibadan, you will have to walk.

    “So the Chinese are welcome, anybody that is prepared to come and help us and our infrastructure to do the roads, the rail and power will be welcomed.”

    Away from the Chinese loans, Buhari also spoke on a wide range of national issues including his decision not to sign the Electoral Act Amendment Bill.

    I Am Fully Committed To Mambilla Power Project, Buhari Tells Xi

    Buhari had declined assent to the bill, citing the inclusion of the direct primaries mode of elections.

    According to the President, he will sign the bill if the National Assembly makes the needed adjustment.

    “All I said (is that) there should be options,” he said. “We must not insist that it has to be direct; it should be consensus and indirect.”

    Asked if he would sign if the lawmakers effect the change in that direction, he affirmed, “Yes, I will” I will sign.

    He added, “There should be options, you can’t dictate to people and say you are doing democracy. Give them other options so they can make a choice.”