The Central Bank of Nigeria (CBN), under the leadership of Governor Olayemi Cardoso, has successfully recovered ₦2 trillion from longstanding intervention programmes following a comprehensive internal audit.

The audit revealed that the total intervention portfolio over the years amounted to approximately ₦10.93 trillion, with ₦4.69 trillion still unpaid by beneficiaries. Governor Cardoso described the recovery as a “humongous amount,” highlighting the scale of legacy debts that have long burdened the financial system.

While the recovery marks a significant step in addressing historical financial interventions, the CBN emphasized that it cannot introduce new intervention programmes until more of the outstanding debts are cleared. This stance reflects the bank’s ongoing shift from direct lending towards a focus on orthodox monetary policy.

Economists note that the recovered funds could help ease liquidity pressures and restore some fiscal flexibility, though the large volume of remaining unpaid loans underscores the challenges that still face Nigeria’s banking and financial sectors. Visit www.jocomms.com for more news.