Unutilized Funds: Banks Hold N530 Billion in CBN Welfare Schemes

By Mohammed Bello Doka

In a surprising turn of events, banks across Nigeria have retained a staggering sum of N530 billion in unutilized intervention funds from the Central Bank of Nigeria (CBN). This revelation comes amidst the temporary suspension of CBN support funds by the current governor, Olayemi Cardoso, raising concerns about the efficacy of welfare schemes under Emefiele's administration.

A recent scrutiny of financial statements unveiled that nine prominent banks are still clutching onto funds designated for distribution to beneficiaries. Leading the pack is Zenith Bank, with an astounding N157.81 billion held in reserves. Following closely behind are Fidelity Bank with N98.85 billion, Access Bank with N94.63 billion, and Sterling Bank with N80.34 billion.

Other notable institutions include Guaranty Trust Bank with N52.39 billion, United Bank of Africa with N20.87 billion, First City Monument Bank with N13.17 billion, Stanbic IBTC Bank with N11.49 billion, and Wema Bank with N1.83 billion.

This surplus of unutilized funds has sparked discussions within financial circles, with Cardoso likely to request reimbursement from the banks. The situation underscores the need for enhanced accountability and transparency in the implementation of welfare schemes, ensuring that funds reach their intended recipients and contribute meaningfully to socio-economic development.