COVID-19 TCF/AGSMEIS Loan: CBN vows to recover loan from beneficiaries, slows down on Intervention loan Approval

The Central Bank of Nigeria (CBN) has vowed that anyone who has taken a loan under its intervention programmes such as the COVID-19 Targetted Credit Facility Loan, the AGSMEIS Loan or the Anchor Borrowers programme must pay.

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The CBN Director of Development Finance Department, Dr Yusuf Yila, disclosed this on Wednesday, at the post-MPC briefing of the 287th meeting of the CBN Monetary Policy Committee and unveiling of facts behind the figures, held in Abuja.

Dr Yila noted that already, the CBN has recovered N3.7 trillion out of the N9.3 trillion given as loans to different sectors of the economy under its development intervention programmes.

He emphasised that over N5 trillion worth of loans were not due yet because of the existing moratorium, noting that the Bank would ensure that it recovers every outstanding loan and deploy the global standing instruction with the aid of bank verification numbers to recover all loans.

SEE ALSO: How to make money from the CBN’s 15.5% interest rate hike

Dr Yila explained that the apex bank has the Bank Verification Number of the beneficiaries and can easily pull out cash from any of their Bank Accounts to repay the Loan.

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“Every single person who had taken loans, even for farming is going to pay. We have their Bank’s Verification Number (BVN). We started what we call the Global Standing Instruction (GSI), and will continue to pull their accounts in the banks that they lend to, or whichever way, the bank that they have an account. Anytime we see any fund from a loan defaulter, we will recover the money from the account.

“We have also started recovering those loans from state governments. We have been doing a long workout programme on them. Any state government that has benefitted from our fund and is already in default, over six months, we’re going to be debiting them at N50 million every month, and we have started that programme.

“So every single loan, obtained from our intervention programme must be paid back. There’s absolutely no mercy. We have kick-started, and are in recovery mode.

“Talking about the portfolio, most of it is quite securitized. Where we are at risk, really is around the Micro, Small and Medium Enterprises (MSMEs).

SEE ALSO: Graduate Job at World Food Programme (WFP)

“One of our best-performing interventions is the commercial agriculture scheme.”

Dr Yila further stated that the apex bank would slow down on further developmental finance interventions as a means of checking excess liquidity in the system.

Originally published by myinfoclock

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