As part of its efforts to cushion the economic effects of the Coronavirus pandemic, the Federal government has granted a three month repayment moratorium for all government funded loans. This was disclosed by President Muhammadu Buhari in the nationwide presidential broadcast on Sunday evening.
The moratorium will cover the Tradermoni, Marketmoni, Farmermoni and all loans issued through the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.
He said, “I have directed that a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect.
“I have also directed that a similar moratorium be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.”
The president explained that the economic effects of the pandemic, which has been described by the World Health Organization as a worldwide emergency, could not be ignored, hence the decision of the federal government to introduce the palliative measures.
He noted that the government had directed financial institutions to discuss with international and multilateral development partners, and negotiate similar concessions for the borrowers.
The president stated that several palliative measures will be effected to combat what had become “both a health emergency and an economic crisis”, noting that provisions had been made for the vulnerable ones in the society, and the internally displaced persons who are not able to provide for themselves ahead of the lockdown.
“For the most vulnerable in our society, I have directed that the conditional cash transfers for the next two months be paid immediately. Our Internally displaced persons will also receive two months of food rations in the coming weeks,” he said.
Buhari appreciated the private sector partners and individuals who had extended their support to the fight against COVID-19, and assured that all contributions will be coordinated to ensure impactful spending by the relevant bodies.
He added that the government is willing and ready to deploy all necessary resources to combat the scourge, and urged Nigerians to take responsibility for supporting the vulnerable around them.
“As we all pray for the best possible outcome, we shall continue planning for all eventualities. This is why I directed that all Federal Government Stadia, Pilgrims camps and other facilities be converted to isolation centers and makeshift hospitals,” he said.
Since the confirmation of the first case, the figures have risen steadily to 111 confirmed cases as Sunday, March 29, 2020.