CBN data showed that between September and October 2022, the apex bank disbursed about N41.02 billion to several agricultural projects under the Anchor Borrowers’ Programme (ABP).
The total disbursement under the ABP scheme amounts to N1.07 trillion to about 4.6 million smallholder farmers growing 21 commodities nationwide.
CBN also disbursed N300 million to fund large-scale agricultural projects under the Commercial Credit (CACs), amounting to N745.31 billion paid under the scheme.
The Nation reports that beneficiaries of the 100 for 1oo on production and productivity scheme received about N20.78 billion under various sectors spanning healthcare, manufacturing, and services, amounting to N114.17 billion disbursed to approximately 71 projects across Nigeria.
The CBN has adjusted the Global Standing Instruction (GSI), a policy allowing financial institutions to debit bank accounts of loan defaulters to settle debts.
“In other words, the GSI automated loan recovery feature applicable to all loans in the industry will henceforth remain perpetually in place throughout the life of the loan and until the loan is fully repaid.”
The policy became effective in August 2020 as part of efforts to reduce the rate of non-performing loans in the banking sector.
