The Central Bank of Nigeria cut its net loans and receivables by N4.1tn in 2024, driven by a sharp reduction in overdrafts to the Federal Government under the Ways and Means facility.
The overdraft, which stood at N7.95tn in 2023, dropped to N3.27tn following repayments and securitisation measures approved by the National Assembly. This move aligns with Governor Yemi Cardoso’s push to curb inflation and restore monetary discipline.
In line with the new monetary policy stance, the CBN also began recovering over N250bn from legacy intervention programmes, including the Anchor Borrowers’ Scheme, which has faced criticism over poor loan recovery.
Cardoso has halted new development finance interventions, describing them as distortionary and unsustainable. The 2024 financials reflect this pivot, showing reduced exposure across key lending categories.
