COVID-19 Intervention Fund: CBN disburses N107.45 billion to successful beneficiaries

William Ukpe

5 years ago

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The Central Bank of Nigeria (CBN) has disbursed the total sum of N107.45 billion to beneficiaries from the N1.15 trillion Covid-19 Pandemic Intervention Funds so far, according to data provided by the bank from the Monetary Policy Meeting for May 2020.

The Bank announced that under the N100 billion Healthcare Sector fund, N10.15 billion has been disbursed and approved for establishments of advanced diagnostics and Health Centres and expansion of Pharmaceutical plants for essentials drugs and intravenous fluids.

The Bank has also disbursed N93.2 billion under the Real Sector Support Fund to boost local manufacturing, which consists of 44 Greenfield and Brownfield projects.

Finally, the Bank has approved N10.9 billion to 14,331 beneficiaries under the N50 billion Targeted Credit Facility for Households and SMEs, out of which N4.1 billion has been disbursed to 5,868 successful beneficiaries.

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The Central Bank Governor, Godwin Emefiele said the bank will also encourage Banks to offer and disburse the funds to the sectors that are priority to the economic to aggregate demand and create jobs.

The MPC meeting policy also expects a sharp decline in output growth in Q2 2020 and maybe the third quarter and expects the economy would reverse positive by fourth quarter if current stimulus initiatives are properly implemented.