“Cumulatively, the bank’s intervention efforts represented about 3.5 per cent of the GDP.”
He explained that the policy measures included a cumulative reduction of the monetary policy rate from 13.5 per cent to 11.5 per cent between May and September 2021 in order to spur lending to the economy and support current recovery of output growth; Reduction of the interest rate on CBN intervention loans from nine to five per cent; and a one-year extension of the moratorium on principal repayments for CBN intervention facilities.
According to him, it also included regulatory forbearance granted to banks to restructure loans given to sectors that were severely affected by the pandemic; Strengthening of the Loan to Deposit ratio policy, which had resulted in a significant rise in loans provided by financial institutions to banking customers; and creation of the Targeted Credit Facility to support affected households and businesses through the NIRSAL Microfinance Bank.
Already, he said, N343.21bn had been disbursed to 726,198 beneficiaries, comprising 602,730 households and 123,468 MSMEs. Given the success of the programme and its positive impact on domestic consumption, he said, the seed capital for the intervention was increased to N400bn, so as to accommodate more beneficiaries and boost consumer expenditure which should positively impact output growth.
PDP may die a natural death with northern presidential candidate they will completely lost out in South East&South South zone struggle in South west& in the North at the end with no representation in the national Assembly.We should expect the emergency of a new political party
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