A significant portion of recipients of financial aid from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank's specialized credit program have not repaid a total of N261.07 billion out of the N419.42 billion disbursed.
According to the CBN's published report, the initiative has created 1,585,872 jobs directly and indirectly, positively impacting employment.
Out of the total amount distributed, approximately N41.39 billion is allocated for loan repayment and about N174.60 million for interest payments.
However, there remains an outstanding balance of around N378.03 billion, with N261.07 billion overdue, indicating repayment difficulties among many borrowers.
Each primary recipient of the loan, intended for SME financing at N2.5 million per recipient, is categorized as 'non-performing', highlighting challenges in meeting repayment obligations.
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