Bank loans

Bank loans to government stand at N16.32 billion – CBN

Central Bank of Nigeria

The Nigerian banking sector’s total net credit to the government increased by N2.2 trillion in the first quarter ended March 2022 to N16.32 trillion.

The figures obtained from the Central Bank of NigeriaData on “money and credit statistics” showed this.

According to the data, Net Credit to Government increased from N14.12 billion at the end of January 2022 to N14.72 billion at the end of February 2022.

The figure showed this was an increase from the figure for the first quarter of 2021.

It showed that net credit to government fell from N12.09tn, N12.59tn and N12.07tn in January, February and March 2021 respectively.

The CBN also revealed in its recent monetary policy report that it has reviewed the performance of its various interventions aimed at boosting productivity in the sectors of manufacturing, industry, agriculture, energy, infrastructure, health and micro, small and medium enterprises.

Between January and February 2022, the CBN disbursed N29.67 billion under the Anchor Borrowers Scheme for the purchase of inputs and the cultivation of maize, rice and wheat – three crops which were up to now have major import problems.

These disbursements brought the total of the program to more than 4.52 million smallholder farmers, growing 21 crops across the country, for a total of N975.61 billion.

He said Nigeria’s Commodity Exchange had also been restructured to effectively pool surplus production from the bank’s PBA-funded projects, with the aim of moderating food prices.

The CBN also released N19.15 billion to finance five large-scale agricultural projects under the Commercial Agriculture Credit Scheme, bringing total disbursements under the scheme to N735.17 billion from N671 agricultural production and agricultural transformation projects.

Also read: Bank loans to government rise 23% in nine months, now N2.1trn

In addition to these, he added, the CBN has disbursed N428.31 billion under the N1.0 billion Real Sector Facility for 37 additional projects in the manufacturing sectors. , agriculture and services.

He said funds from the Real Sector Support Facility – Differentiated Cash Reserve Requirement – have been used for greenfield and brownfield (expansion) projects as part of the COVID-19 response to the manufacturing sector.

Cumulative disbursements under the Real Sector Facility currently stood at N1.75 billion, disbursed for 368 projects across the country.

Under the 100 percent policy on production and productivity, he said the CBN had disbursed N29.51 billion for 31 projects, including 16 in manufacturing, 13 in agriculture and two in health care.