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Home Business News

CBN starts disbursement of N50 billion Covid-19 intervention fund

Chike OlisahbyChike Olisah
3 years ago
in Business News, Politics
CBN, NIRSAL, Stanbic, Union, and Sterling banks have disbursed N4.5 billion to farmers
Share on FacebookShare on TwitterShare on Linkedin

The Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance bank, on behalf of the Central Bank of Nigeria (CBN), has started the disbursement of the N50 billion Targeted Credit Facility (TCF) to the beneficiaries.

The facility is a stimulus package which was introduced by CBN, to help mitigate the impact of the coronavirus pandemic on households and MSMEs.

This was disclosed by the Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Kure, at a media briefing during the official flag-off of the disbursement in Abuja to some of the beneficiaries. The 3,256 MSMEs are among the first batch of the beneficiaries of the disbursement.

The NIRSAL Microfinance boss said, ‘’The facility is available for service providers in the health sector, trading and all those businesses that have been affected by the Covid-19 pandemic’’

READ ALSO: What FG told IMF on flexible, unified exchange rate

‘’The idea is to provide cash flow which has been disrupted by the lockdown occasioned by the pandemic. The product is intended to provide liquidity for businesses’’, he said

Kure also said that ‘’This initiative is to provide liquidity and allow the economy to normalize. Businesses are hurt. People are hurt. People are no longer staying on jobs’’.

‘’By the end of today, they should be able to receive alerts. The idea is to launch the products so that people will know that we have started disbursement,’’ he said.

However, the bank boss warned that the funds were not a grant, but must be paid back to the bank so that other people can enjoy the facility.
He added that the documentation process which is ongoing, started in Abuja because of convenience as the 33 branches are not functioning optimally because of the lockdown.

It can be recalled that as a fallout of the economic crisis which was triggered by the outbreak of the coronavirus pandemic, the CBN Governor, Godwin Emefiele, had in March, announced a N50 billion intervention fund as a stimulus package to support households and Micro, Small and Medium Enterprises in order to help mitigate the effects of the pandemic.

The NIRSAL Microfinance boss said that it received 80,000 applications for the facility, out of which 40,000 of them were households.

In a run-up to this disbursement, the bank had informed the stakeholders that they do not charge any fee, either for application or processing of the facility.

Tags: Abubakar KureBusiness NewsCentral Bank of NigeriaCovid-19Godwin EmefieleNigerian Business NewsNIRSAL Microfinance Bank

Comments 42

  1. obianuju Anyanwu says:
    May 8, 2020 at 4:45 am

    am very much interested in this loan please how do I go about it.thanks

    Reply
    • monday Akwete says:
      July 9, 2020 at 10:58 am

      pls how do i apply for the loan i need it

      Reply
  2. Kingsley says:
    May 12, 2020 at 9:19 am

    pls how can i get the form for this loan,im in dare need of it to get up again in my business.

    Reply
  3. Adeoti Rufus says:
    May 15, 2020 at 2:31 pm

    Please how do I apply for the house hold loan

    Reply
  4. Aseweje Thomas kayode says:
    May 28, 2020 at 11:38 am

    Please how do I apply for the loan I need it urgently to boost my business.

    Reply
  5. Nkechi says:
    May 28, 2020 at 11:53 am

    Please how do I get the form

    Reply
    • Osas says:
      July 22, 2020 at 3:21 pm

      Please I need the loan, is it still on

      Reply
      • Anonymous says:
        December 1, 2020 at 12:26 am

        I’ve not been credited

        Reply
  6. Emorerhi frank says:
    June 4, 2020 at 10:25 am

    I’ve applied and they promised to get back ri me but I’ve not heard from them only to hear now that disbursement has begun.Pls I want to know how credible is this process and method of selection for disbursement.

    Reply
  7. Anonymous says:
    June 9, 2020 at 10:30 pm

    I want to ventures into the farmer how do l benefit please?

    Reply
  8. Rasheed sekina says:
    June 10, 2020 at 2:29 pm

    I won’t to apply

    Reply
  9. Wilfred Dennis says:
    June 13, 2020 at 10:35 pm

    I need the form to apply because this coronavirus pandemic has really affected my business seriously. And I need the loan promising to pay back when required.

    Reply
  10. fatima lawal sule says:
    June 15, 2020 at 9:16 am

    pls i need the loan how can i get it pls

    Reply
  11. ogechi onyeso says:
    June 15, 2020 at 5:58 pm

    Pls how can i get the form i want to apply for the loan

    Reply
  12. Akuma Joseph says:
    June 16, 2020 at 11:49 pm

    I, applied and it was approved, I accepted since but has received any alert…Akuma Joseph is my name from Ebonyi State.
    I, really need this loan to add to my Business

    Reply
  13. Nuruddeen sulaiman says:
    June 17, 2020 at 12:42 am

    Be the best you can be

    Reply
  14. Muhammed dahiru says:
    June 17, 2020 at 2:23 pm

    Please i need this loan how can I apply

    Reply
  15. Saheed olawale says:
    June 18, 2020 at 10:24 pm

    Pls how can I get the form, I need the loan urgently to add to my business

    Reply
  16. Abbakar Yari says:
    June 21, 2020 at 5:21 pm

    Please someone help how can i apply if?

    Reply
  17. Anonymous says:
    June 23, 2020 at 1:14 am

    Please someone help how can I apply for the loan

    Reply
  18. Tayo maaji says:
    June 23, 2020 at 12:52 pm

    I want to apply imay need a guide below are my details on how to get informed to the linked,to apply.thanks expecting your response

    Reply
  19. ifeoma Shiloh Okwuokei says:
    June 24, 2020 at 3:51 pm

    I need money to add to my provision store which the corona virus pandemic has affected me so badly i need At least 400,000 to boost business

    Reply
    • Muhammad says:
      June 29, 2020 at 9:18 pm

      I want to Apply the loan how can l get the form sir

      Reply
  20. Alhassan A ya'u says:
    July 6, 2020 at 5:02 pm

    How can I know my loan enter because i fill the form sens last month but I will not receive any call or text in phone number or email thanks you.

    Reply
  21. Anonymous says:
    July 8, 2020 at 12:41 pm

    I have applied the loan since last month and I luckily received the response from nirsal through the email but my bank account is yet to be credited with any amount by appropriate authority.

    Reply
  22. Osas says:
    July 22, 2020 at 3:23 pm

    Please I need the loan, is it still on

    Reply
  23. Temitope ojo Emmanuel says:
    October 14, 2020 at 1:04 pm

    Sir I have applied for the loane since around may or June presisly, and my application was successfully delivered, up till now I have not seen any message. From Ado Ekiti what do I do sir?

    Reply
  24. Masaud says:
    October 26, 2020 at 3:34 pm

    Pls what is the actual date for giving covid 19 loan.

    Reply
  25. Bethel Amagbor says:
    October 29, 2020 at 8:03 pm

    Am very much intrested for my agricultural business assap ,what’s the conditions of the loan

    Reply
  26. Rahman ahmed says:
    November 13, 2020 at 3:16 pm

    I made a mistake of my bank name instead of polaris bank i wrote first bank

    Reply
  27. Rikom Humwaowa says:
    November 27, 2020 at 2:59 pm

    I have apply and u approved my application, sent my account details but up to know I did not received any alert why?

    Reply
  28. Nnette Eminue says:
    February 14, 2021 at 5:23 pm

    Accepted the loan

    Reply
  29. Saka says:
    March 29, 2021 at 9:39 am

    Have apply since but have not seen any result, and my application was approved successful

    Reply
  30. Umar Magawata says:
    May 30, 2021 at 8:20 am

    iwant joined this program

    Reply
  31. Kave Anita says:
    June 29, 2021 at 11:22 pm

    Good day sir, please I’m interested in the loan please I will be greatful if the loan is been issued to me

    Reply
  32. sani Hassan says:
    July 14, 2021 at 5:41 am

    jigawa stata

    Reply
  33. Zakari Bako Maibeza says:
    August 12, 2021 at 6:11 pm

    I also apply for nirsal loan since last December up till now I have no received any message neither cheching on process

    Reply
  34. Gaddafi shuaibu umar says:
    September 25, 2021 at 9:48 am

    Loan

    Reply
  35. Uhembeh Isaac says:
    October 18, 2021 at 9:18 pm

    I aso need the loan to add up my business

    Reply
  36. Ekpenyong says:
    October 30, 2021 at 12:30 am

    Please i need a loan someone should help me please i sale paint and chemical God bless you 08093808626 please Link me

    Reply
  37. Halliru jibirin says:
    March 26, 2022 at 10:19 pm

    I am in work in gombe state

    Reply
  38. Adamu Abdullahi says:
    April 23, 2022 at 3:26 am

    please sir I apply covid19 but I don’t gain my own

    Reply

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