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Home Financial Literacy Small Business

CBN increases SME intervention fund to N300 billion, disburses N149.21 billion

Chike Olisah by Chike Olisah
March 21, 2021
in Small Business, Spotlight
CBN health intervention fund gets new interest rate by March 2012, Nigerian banks’ non-performing loans drop significantly by 41% in 2019, External reserves decline by over 8% in 3 months, Nigeria’s external reserves increase by $1.36 billion in 13 days

Godwin Emefiele

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The Central Bank of Nigeria (CBN) has announced its decision to increase the Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMEs) from N150 billion to N300 billion.

This is as the apex bank has revealed that it had disbursed a total of sum N149.21 billion to SMEs and households across the country under the TCF.

According to a report from Punch, this disclosure was made by the CBN Governor, Godwin Emefiele, at a virtual seminar organized for finance editors and correspondents in Lagos and Abuja simultaneously.

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Emefiele, who was represented by the apex bank’s Deputy Governor, Corporate Services, Edward Lametek, said the CBN had set out to alleviate the plights of households and business owners who have been negatively impacted by the Covid-19 pandemic and drive economic growth during this period.

READ: CBN raises alarm over fake tweet posts on N50 billion COVID-19 fund

What the CBN Governor is saying

Emefiele in his statement said, “We initially created a N150bn Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21bn has been disbursed to 316,869 beneficiaries.

“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300bn, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”

Emefiele stated that in line with the growing need to go digital, the application process was done online and required limited paperwork from prospective applicants.

READ: 3 bank directors resign from NESG in protest to CBN immunity letter

What you should know

  • It can be recalled that in April 2020, the CBN introduced the Targeted Credit Facility (TCF) as a stimulus package to support households and micro, small and medium enterprises (MSMEs) that are affected by the coronavirus pandemic
  • The TCF was designed to cushion the adverse effects of COVID-19 on households and MSMEs; support households and MSMEs whose economic activities have been significantly disrupted by the COVID-19 pandemic, and stimulate credit to MSMEs to expand their productive capacity through equipment upgrade and research and development.

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Tags: CBNCentral Bank of NigeriaSMEs
Chike Olisah

Chike Olisah

Chike was a banker with over 11 years experience in retail and commercial banking, risk management, treasury portfolio management and relationship management. He also acquired some experience in financial management and do have some special interest in investment analysis and personal finance. He had stints with financial institutions like the former Intercontinental Bank and Fidelity Bank.

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Comments 8

  1. Aliyu Nurudeen says:
    March 21, 2021 at 12:13 pm

    Pls, ensure the funds are evenly distributed. We really need the funds.

    Reply
  2. Olusesi Oluwasegun says:
    June 7, 2021 at 12:31 pm

    We are waiting for our second payment at Oyo state fidelity bank

    Reply
  3. kassim sanusi says:
    June 8, 2021 at 12:37 am

    Disbursement of this loan is on who know. Atimes one has to pay 5 to 10% of the loan amount to officials before getting it. CBN Governor over to you.

    Reply
  4. Collins Gregory says:
    June 9, 2021 at 11:05 am

    I applied since 5 month till now nothing is done

    Reply
  5. Adie Abraham David says:
    June 26, 2021 at 4:48 am

    Please I don’t know how to apply or is there any Link for the application please I need your help

    Reply
  6. Jibrin b liman says:
    July 9, 2021 at 5:53 am

    Hello I received my offer since last four months but upto now I did not see anything in my account I do complain upto now

    Reply
  7. sadiq lawie hashimu says:
    July 25, 2021 at 11:38 pm

    3000

    Reply
  8. EVANS OGUCHI says:
    November 4, 2021 at 4:01 pm

    I NEED MONEY TO INCREASE MY BUSINESS

    Reply

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