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CBN discloses how much has been disbursed from N50 billion COVID-19 intervention fund

The apex bank had announced measures to aid Nigeria’s economy from slipping back into recession.

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Excess charges: CBN return over N60 billion to customers

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.

READ ALSO: CBN slashes special interest rate to 5%, directs banks to restructure loan terms

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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.”

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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.

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Watch the interview below:

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Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

24 Comments

24 Comments

  1. Adesola Michael

    June 26, 2020 at 10:13 am

    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?

    • Agunoweh Timiebi Elvis

      June 26, 2020 at 3:02 pm

      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?

      • Anonymous

        June 26, 2020 at 9:11 pm

        Even me I submitted my bvn and my acct but not yet received

      • Nwankwo ugochuku

        June 26, 2020 at 9:14 pm

        Even me I have submitted but not yet received alert

    • Mercy Ebiene Jagiri

      June 27, 2020 at 1:31 am

      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.

    • Egbo

      June 27, 2020 at 3:24 am

      Liars that’s how you People Will keep decieving your self thinking you are decieving nigerians.

      • Anonymous

        June 27, 2020 at 3:25 pm

        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!!

  2. Yusuf Danguziri

    June 26, 2020 at 2:55 pm

    my application has been approved on 6 June 20
    20 but not yet credited

  3. Patrick Alkali

    June 26, 2020 at 4:41 pm

    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.

  4. George Michael Ederaine

    June 26, 2020 at 4:56 pm

    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.

  5. Adebola obatowose

    June 26, 2020 at 6:13 pm

    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

  6. Anonymous

    June 26, 2020 at 6:24 pm

    Please how do I apply for this loan.

  7. Clement Michael

    June 26, 2020 at 6:36 pm

    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.

  8. Nwankwo ugochuku

    June 26, 2020 at 9:19 pm

    Pls am begging to give the money my business is going down

  9. Taiwo Jamiu jimoh

    June 26, 2020 at 10:00 pm

    My wife also apply since last month and it has been approved,but not yet credited.

  10. Kayode

    June 27, 2020 at 12:43 am

    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.

  11. Adedokun simeon

    June 27, 2020 at 7:08 am

    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

  12. Obiageli Marvellous Ogbonna

    June 27, 2020 at 9:06 am

    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.

    • K o udude

      July 8, 2020 at 8:25 pm

      I suggest Mr okoroafor should publish the names of those he gave the 49milion state by state. Am yet to get notification since may25

  13. Ike eugenia uzoamaka

    June 27, 2020 at 4:16 pm

    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

    • Peculiar

      June 30, 2020 at 8:31 am

      I am a beneficiary of the covid-19 intervention loan
      There’s nothing fraudulent about it

  14. Sails tijjani

    June 28, 2020 at 12:37 am

    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

  15. Sails tijjani

    June 28, 2020 at 12:43 am

    Please published the names and address of the beneficiaries if you are truthful.

  16. Anonymous

    August 16, 2020 at 5:08 am

    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 😠😈

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MSME

Payroll Support Program: FG pays 101,567 beneficiaries first-month salary

The President announced thousands of beneficiaries received their first monthly payment from our Payroll Support Program.

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Payroll Support Program, President Buhari appoints 9 Chief Executives for government agencies, Nigerian British firm, Bail-Out Fund: FG deducts N122 billion from states’ account in 7-months [Full-List] , JUST IN: Buhari submits 2020 MTEF to Senate , FG to intervene in tech operation as lockdown causes chaos in tech market

President Muhammadu Buhari has announced that 101,567 beneficiaries, drawn from 16,253 businesses, received their first monthly payment from the Payroll Support Program yesterday.

This information was disclosed in a tweet by the official Twitter handle of the President.

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The President also disclosed that the program is an initiative by the Federal Government of Nigeria to ensure that Nigerian MSMEs survive, as the Federal Government supports qualifying MSMEs with staff salaries for 3 months.

READ: How FG saved over N206 billion in 2 years -IPPIS

Why this matters

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The stimulus package would go a long way to assist businesses in averting massive job loss or a crash of the business enterprise. The fund is expected to place affected businesses, which are beneficiaries of this fund, on the path of survival and sustainable growth.

READ: FG says 174,574 successfully register for N75 billion MSME survival fund in 48 hours

What you should know

In July, Nairametrics reported that the Federal Government had announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro, Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

READ: FG proposes a reduction of minimum tax rate next fiscal year

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The stimulus package, which is under the National Economic Sustainability Plan (NESP), includes payroll support for three months and guaranteed off-take schemes, among others.

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A month ago, Nairametrics reported that 70,000 businesses in Nigeria had been shortlisted from the 432,000 businesses that applied for the Payroll Support from the Federal Government’s Survival Fund Grant Scheme.

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MSME

Development Bank of Nigeria disbursed over N150 billion in 3 years

52% of loans disbursed by Development Bank of Nigeria in 2019 were to youths and women-owned businesses.

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Development Bank of Nigeria , Companies Allied Matters Act (CAMA)

Development Bank of Nigeria has disbursed over N150 billion since 2017 through twenty-seven (27) participating financial institutions, impacting close to 100,000 MSMEs through the process.

This is according to a disclosure by the Government of Nigeria, as seen by Nairametrics.

READ: CBN’s NCR facilitates N1.2 trillion loan For 155,000 MSMEs

READ: DBN meets SMEs’ financial need with over N70 billion

What you should know

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A verified tweet by the Government revealed that in 2019, 52% of the loans disbursed by the Development Bank of Nigeria were to youths and women-owned businesses.

READ: MSMEs crucial to providing employment to growing workforce – Peugeot Boss

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What they are saying

The Government of Nigeria tweeted “#DYK 52% of loans disbursed by @DevBankNG in 2019 were to youths and women-owned businesses. Since 2017, the Bank has disbursed more than N150 billion through 27 Participating Financial Institutions (PFIs), impacting close to 100,000 MSMEs.”

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Why it matters

The recent disclosure is in line with the present regime’s drive to diversify the economy and expand opportunities for youths and women, bridging the social exclusion gap, and ensuring prosperity for all.

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(READ MORE: #EndSARS: CBN says funds in frozen accounts may be linked to terrorist activities)

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The efforts by the Development Bank of Nigeria complements other social programmes introduced by the government and targeted towards Youths and Women, such as the Special Grant to Rural Women, Nigeria Youth Investment Fund, National Young Farmers Scheme, amongst others.

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MSME

FG commences disbursement of N20,000 special grant to rural women

Special grant project will see over 700,000 women empowered with N20,000 each.

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The Federal Government has commenced the disbursement of the N20,000 special grant to women in rural areas of Gombe state.

This is according to a verified tweet by the Federal Ministry of Humanitarian Affairs, as seen by Nairametrics.

Recall that Nairametrics had earlier reported the flag-off of the special grant project for rural women, initiated by the Federal Government, which will see over 700,000 women empowered with N20,000 each.

What they are saying

Commenting on the latest development, the verified tweet reads thus:

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MAKE GOOD USE OF THE CASH GRANT”– Umar Faroq tells Rural Women.

The HM @FMHDSD @Sadiya_faroq has urged rural women in Gombe state to use the one-off cash grant given to them by the federal government to improve the lives of their families.

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What you should know

The rural women’s programme was introduced in 2020 by the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development as part of President Muhammadu Buhari’s social inclusion and poverty reduction agenda.

It includes the realization of the national aspiration of lifting 100 million Nigerians out of poverty in 10 years.

The Grant for Rural Women is designed to provide a one-off grant to some of the poorest and most vulnerable women in rural Nigeria.

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