A portion of Nigerians who received financial assistance through the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s specialised credit programme have not repaid a total sum of N261.07 billion, out of the N419.42
According to information provided by the CBN in a published report, it has been stated that the initiative has resulted in the generation of 1,585,872 jobs, both directly and indirectly, thus positively impacting the employment
The report mentioned that out of the total N419.42 billion distributed, around N41.39 billion goes towards repaying the initial amount borrowed, while approximately N174.60 million is paid for the interest on the loan.
However, there is a considerable unpaid balance of about N378.03 billion, with an overdue amount of N261.07 billion, showing that many borrowers have fallen behind on their repayment plans.
The report mentioned that each of the primary recipients of the loan received N2.5 million for SME financing but are labeled as ‘non-performing’, suggesting difficulties or shortcomings in repayment.
