The Central Bank of Nigeria (CBN) has revealed that it lost half its funding from the Federal Government this year and how this has affected their ability to fund some financial system initiatives.
This was made known by the Director of the Financial System Stability (FSS 2020) of the CBN Mr Mohammed Suleiman when members of the FSS 2020 visited the the Nigeria Deposit Insurance Corporation (NDIC) yesterday in Abuja.
Suleiman said, “funding has been a major issue, the FSS 2020 programme since its inception has always been bankrolled single handedly by the CBN. The CBN is beginning to weary a little bit because the current budget this year was reduced by 50% and that is majorly affecting some of our capabilities to implement some of these strategic objectives.”
He continued “50% of our budget cut is no small measure at all. We need to agree on the funding approach, we need to have a rethink and get the support of all implementing institutions. The FSS2020 is not a CBN project it is a financial system project, all financial system players have to take ownership of the project and be willing to support it.”
The reason for the major slash in funding for the Apex Bank was not revealed by Suleiman and so far no official has come out to explain the reason for the slash.