CBN’s power, airline interventions hit N277 billion
17 August 2017 |
4:28 am
Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively.
Agric scheme’s interest drawback gulps N105m
Development interventions by the Central Bank of Nigeria (CBN) in the power and aviation sectors have reached N277.4 billion cumulatively between September 2016 till June 2017, with repayments by the operators trailing progressively.
The programme, under CBN’s Power and Airline Intervention Fund (PAIF) has supported 59 projects in both sectors in efforts to keep them afloat amid harsh economic situation and threats to jobs.
Correspondingly, about N106.13 billion has so far been repaid cumulatively, with consistent and slight increments in the volume of repayments per quarter since September 2016 to June 2017.
A further analysis of the figures from CBN data on the level of repayments in both sectors shows responsiveness on the part of the borrowers, as well as relative return of stability in activities, which continue to boost their revenues in meeting the obligations.
Specifically, of the 16 projects supported under the scheme in aviation sector, worth N120.76 billion, representing 43.5 per cent of the total interventions in both sectors, N55.8 billion has been repaid, while 43 power projects, worth N156.64 billion representing 56.5 per cent of the total intervention, has been repaid as well.
Similarly, the apex bank’s Agricultural Credit Guarantee Scheme (ACGS) has refunded farmers about N105.4 million from January to June 2017, under its Interest Drawback Programme (IDP).
IDP is an innovation under ACGS, instituted to encourage loan repayment by providing a post payment rebate to loan beneficiaries that honour their loan repayment schedules, coupled with the fact that it also presents a reduced effective lending rate for loans under the scheme.
CBN has expended about N1.1 billion from 2014 to June 2017, under the IDP, as a way to encourage borrowings by farmers and repayment of the loans in efforts to support agriculture and related value chains.
In 2014, N323.1 million was repaid to farmers in 29,011 claims; 2015, N394.8 million, made up of 31,142 claims; 2016, N265.9 million, in 25,035 claims; and so far in 2017, N105.4 million in 13,102 claims.
In May 2017 alone, a total of N424.6 million was guaranteed to 4,029 farmers under the ACGS, representing a decline of 9.6 per cent and 24.4 per cent below the levels in April 2017, and the corresponding period of 2016, respectively, CBN’s Economic Report noted.
Sub-sectoral analysis showed that the food crops received the largest share of N226.1 million (53.3 per cent) guaranteed to 2,699 beneficiaries, livestock got N62.2 million (14.7 per cent) guaranteed to 282 beneficiaries, while cash crops sub-sector received N44.4 million (10.5 per cent) guaranteed to 221 beneficiaries.
The mixed crops received N42.2 million (9.9 per cent) guaranteed to 597 beneficiaries while N38.3 million (9.0 per cent) was guaranteed to 137 beneficiaries, in the fisheries subsector, ‘others’ had N11.2 million (2.6 per cent) guaranteed to 93 beneficiaries.
Related
10 hours ago
The Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) and the Maritime Workers Union of Nigeria (MWUN) have lauded the Minister of Marine and Blue Economy, Adegboyega Oyetola
11 hours ago
To underscore the severity of the economic challenges Nigeria is going through, the country attracted $3.73 billion in foreign direct investment (FDI) from 2020 to the third quarter of 2024.
14 hours ago
Stakeholders in the insurance sector have expressed optimism that the new Insurance Consolidated Bill passed by the Senate will drive efficiency in the sector when finally endorsed by President Bola Tinubu.
15 hours ago
Operators have stressed the need for policymakers and regulators to work together to create a stable, transparent and investor-friendly environment that would help sustain the current growth trajectory in the Nigerian stock market and unlock its full potential in 2025.
17 hours ago
FCMB Group Plc (“FCMB Group” or the “Group”), a leading financial services group, is pleased to announce the successful completion of its public offer, following the approvals of the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC).The offer was oversubscribed by 33%, attracting 42,800 investors with 92% subscribing via more convenient…
1 day ago
African Export-Import Bank (Afreximbank) has intensified the push for more empowerment opportunities for youths in Africa,
2 days ago
The Tertiary Education Trust Fund (TETFund) recently convened a meeting in Abuja with heads of beneficiary institutions and other key stakeholders to discuss and finalize the 2025 Intervention Guidelines.
2 days ago
The Central Bank of Nigeria (CBN) has raised concerns about the ageing pipeline infrastructure and operational inefficiencies, identifying them as key factors responsible for the decline in oil revenue during the third quarter of 2024
2 days ago
SBI Media has reaffirmed its position as Nigeria’s largest independent media agency, as recognised in the 2023 RECMA (Research Company Evaluating the Media Agency Industry) rankings. The agency secured the third spot among all media agencies
2 days ago
In a festive celebration of sustainability and innovation, Pernod Ricard Nigeria has unveiled the Jameson Upcycled Bottle Christmas Tree at Ikeja City Mall. This remarkable 25 foot tree, crafted from thousands of recycled Jameson bottles
×
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.
0 Comments
We will review and take appropriate action.