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The Central Bank of Nigeria (CBN) has disbursed nearly 2 trillion naira to both public and strategic private sectors of the economy in the last one year.
The CBN Governor, Mr. Godwin Emefiele, in an exclusive interview with THISDAY on Friday, said the fund was necessary in order to stimulate expenditure in most states that could not pay salaries.
He said the Apex bank around July 2015, came up with the idea of a Workers’ Salary Assistance Programme.
Under that scheme, the Central Bank disbursed a total of about N405 billion to all the affected states, the Central Bank governor disclosed.
The CBN also disbursed N10 billion to almost all of the 36 states respectively, to fund their infrastructural projects.
Under this scheme as well, the CBN did intervention to the tune of N350 billion.
Throwing more light on the central bank’s disbursements in the last one, Emefiele said: “The total of both interventions is close to N800 billion. It was injected to support the sub-national governments either for them to pay salaries, or for them to support their infrastructural development in their states. These are some of the actions that were done.
“Aside from that, the CBN also disburses N1 trillion through the Commercial Agricultural Credit Scheme (CACS), the Power and Aviation Intervention Fund (PAIF), and the refinancing facilities.
According to him, the reduction of the cash reserve requirements (CRR) from 30.5 per cent to 25 per cent in July last year, was expected to inject about N1 billion into the economy, through the banking sector.
The CBN Governor, Mr. Godwin Emefiele, in an exclusive interview with THISDAY on Friday, said the fund was necessary in order to stimulate expenditure in most states that could not pay salaries.
He said the Apex bank around July 2015, came up with the idea of a Workers’ Salary Assistance Programme.
Under that scheme, the Central Bank disbursed a total of about N405 billion to all the affected states, the Central Bank governor disclosed.
The CBN also disbursed N10 billion to almost all of the 36 states respectively, to fund their infrastructural projects.
Under this scheme as well, the CBN did intervention to the tune of N350 billion.
Throwing more light on the central bank’s disbursements in the last one, Emefiele said: “The total of both interventions is close to N800 billion. It was injected to support the sub-national governments either for them to pay salaries, or for them to support their infrastructural development in their states. These are some of the actions that were done.
“Aside from that, the CBN also disburses N1 trillion through the Commercial Agricultural Credit Scheme (CACS), the Power and Aviation Intervention Fund (PAIF), and the refinancing facilities.
According to him, the reduction of the cash reserve requirements (CRR) from 30.5 per cent to 25 per cent in July last year, was expected to inject about N1 billion into the economy, through the banking sector.