The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has stated that the apex bank has pumped nothing less than N2 trillion within a span of 15 months in an attempt to revive the failing economy. These funds, he said were to both “public and strategic private” sectors of the economy.
The CBN Governor, Mr. Godwin Emefiele, made these assertions in an “exclusive interview with Thisday” , another attempt at going on the offensive to show case his efforts at “saving the economy”.
Here is a summary of how they spent N2 trillion to stimulate the economy.
- Workers salary program (funds disbursed to affected states) – Gulped about N405 billion
- Disbursement to all 36 states to fund infrastructural projects – N10 billion each to all states totaling about N350 billion
- Helping states to pay salaries – A special intervention fund costing about N800 billion 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.
- Intervention Funds – The CBN says it has spent about N1 trillion via several intervention funds disbursed money
Very few Nigerians will agree that these so-called spending has made the right impact expected. Nigeria remains firmly in a recession and growth is not expected to come back till next year. For most Nigerians, a bellwether for success is when they see the exchange rate stabilizing, inflation rate reducing, ease of doing business improving, lending rates and access to small business loans available and more jobs being created. For now, the impact of the N2 trillion can’t be fully appreciated.
You can get the interview here