The Central Bank of Nigeria (CBN) has announced the disbursement of over N49 billion out of N50 billion targeted facility for households and small businesses to over 80,000 families and households.
The apex bank introduced the N50 billion Targeted Credit Facility as a stimulus package to support households and micro, small and medium enterprises that are affected by the coronavirus pandemic.
This was disclosed by the Director for Corporate Communications for CBN, Isaac Okoroafor, during a channels television interview.
The CBN spokesperson said that the apex bank had announced a couple of measures and policies aimed at making sure that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic and low oil prices.
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Okoroafor, in his response to why CBN is confident despite gloomy economic forecast, “At the CBN we have looked at it and we felt that everyone must work hard to ensure that the economy does not slip back into recession. We have done that with a couple of interventions, we have the targeted credit facility for households and small businesses which as we speak, out of the N50 billion earmarked for this, more than N49 billion has been disbursed to over 80,000 families and households.
‘’We also have the N100 billion healthcare facility which quite a number of operators in that area have benefitted and we are inviting others to come in. we believe that Nigerians have the power, have the energy, have the creativity to ensure that this economy doesn’t go into recession.
“Of course there is consensus across the world, most economies if not all will go into recession this year and Nigeria is not totally immune from it, but we are working as a monetary authority, as a public institution to ensure that those Nigerians, families and small businesses whose businesses were negatively impacted by this pandemic, that we give them the opportunity to walk themselves out of that kind of recession and to be able to maintain even their businesses as they go on and their livelihoods.”
READ ALSO: COVID-19: Survey confirms job losses, hardship for Nigerians
Going further, Okoroafor said that the CBN would ensure that small businesses that employ 2 or 3 people and account for most of the jobs in the country continue to do their business without allowing the coronavirus pandemic to affect them. He pointed out that making Nigerians work hard would ensure that the pandemic does not push the country into a recession.
He said that the apex bank would always go against smugglers, round-trippers, and chronic debtors in the banking system, those whose only business was to import non-essentials into the country and forex speculators who see the bank as their enemies.
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The CBN spokesman also pointed out that the CBN has a N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic. He said the bank will not be distracted by news that are being circulated on social media, questioning the integrity of the bank and its Governor, Godwin Emefiele, as that was the stock in trade of those peddling those falsehoods.
Watch the interview below:
If over 49billion out the 50billion had been disbursed by the CBN has reiterated. What will be the faith of the applicants who have been approved of and yet to be credited?
There are so many people who their loans have been approved but have not been credited. My loan was approved on May 26 and I submitted my account details on that same day. This is a month now and I am still waiting for alert. What’s going on in this country?
Even me I submitted my bvn and my acct but not yet received
Even me I have submitted but not yet received alert
What will be the faith of some of us who applied,calls where made by your team to send necessary requirements since may and we haven’t heard from them again. Now 49b has been disbursed.Do we still have hope or all is over for us.
Liars that’s how you People Will keep decieving your self thinking you are decieving nigerians.
Ours have been approved too but no credit, almost a month now and now they are claiming disbursement of 49bn out of 50?!! What a country!!
my application has been approved on 6 June 20
20 but not yet credited
I applied this loan since April 14 2020 didn’t got it and my Business is completely down due to covid 19, I’m frustrated now pls I need loan.
Lies, who and who received those disbursement,I applied for this loan with all criteria met but my application was not considered. So how did they pick the successful applicants. I beg park well.
If truely the man said this then their is trouble in Nigeria,how will you come out and said you have distributed about 99% of the money, something is definitely wrong.they have to give Nigeria the break down
Please how do I apply for this loan.
My loan was approved since on 17/06/2020 and I provided my account details, and am yet to be credited, the one billion remaining when are they going to disburse it beneficiaries.
Pls am begging to give the money my business is going down
My wife also apply since last month and it has been approved,but not yet credited.
Initially, I was sceptical of this loan thinking it would go the way of the previous intervention promised by govt. However, upon applying for the loan, surprisingly it was approved and disbursed.
Have received my alert.I will honoured and proud to be a Nigerian. I pledged to Nigeria my country. The first direct benefit by Nigeria government to me in my 44years of existence
Good morning to you all and do stay blessed. Please if N49Billion Naira has been disbursed, what is the faith of those that applied for the loan and have not been contacted, what is our crime in the south east? I thought that Nigerians should encourage women that wishes to go into farming no matter where they come from, most of us are out of job for one reason or the other, I don’t think it is fair marginalizing us at the South East, but all the same, it is well. I know that one day, God will help us out. Thanks and always be blessed, Obiageli Marvellous Ogbonna, Abia State.
I suggest Mr okoroafor should publish the names of those he gave the 49milion state by state. Am yet to get notification since may25
My Nirsal account was credited since 5june. I didn’t get the alert and Onitsha branch where i registered didnt contact me either. Now i signed transfer form, but haven’t be credited for two weeks now. That they will get another approval from CBN before they transfer. Please do something. Pls tell Nirsal bank Onitsha to transfer my fund. I already set out business plan for eat, and the delay is driving me crazy. Thanks
I am a beneficiary of the covid-19 intervention loan
There’s nothing fraudulent about it
We know this kind of physical fraud is going to come, because it’s not in your intention to give Nigerians what belongs to them, thank God that we did not beg you to help us, and this will not give you the satisfaction, we are waiting for you to published the names and address of the beneficiaries if you are truthful
Please published the names and address of the beneficiaries if you are truthful.
All lies. The whole of Nigerians are not up to a billion, so how did u disburse a whole 49b and some people weren’t credited, as if u were even paying 1b per Nigerian ??