The Central Bank of Nigeria (CBN) said it has disbursed a total sum of N1.181 trillion through its several intervention schemes in an effort to help grow the Nigerian economy which is recovering from a recession, triggered by a drop in oil income.
According to the CBN, the amount represented the total monies that had been disbursed as at June 2017, through its several intervention schemes.
The Financial Stability Report for the period ended June 2017, released by the apex bank showed that N472.98 billion used for 513 projects had been disbursed through the Commercial Agriculture Credit Scheme (CACS) since its inception.
In the first half of last year, the sum of N79.56 billion had been disbursed to 11 banks for 23 projects compared to N35.99 billion disbursed to 13 banks for 39 projects in the preceding period. This reflected an increase of N43.57 billion and a decrease of 16 projects.
Repayments under the scheme during the first half of 2017 stood at N19.78 billion through 17 banks for 185 projects, bringing the repayments to N244.79 billion from inception. Also, a total of 21,073 loans valued at N3.03 billion had been guaranteed under the Agricultural Credit Guarantee Scheme (ACGS)in the first half of 2017 for two commercial and 36 microfinance banks as against 34,774 loans valued N4.47 billion for three commercial and 37 microfinance banks in the second half of 2016.