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The Central Bank of Nigeria revealed that it has disbursed N400 billion and received over 8 million applications from Nigerians for its Covid-19 Targeted Credit Facility (TCF) to help households and businesses that have been negatively impacted by the coronavirus pandemic.
The TCF is part of the Federal Government’s various intervention programmes aimed at stimulating the economy, preserving jobs and making sure that the country does not slip back into recession due to the pandemic.
This disclosure was made by the CBN’s Director, Corporate Communications Department, Mr Osita Nwanisiob, while fielding questions from journalists in Enugu during a one-day interactive enlightenment session with organised labour and civil society groups on the five-year policy thrust of the CBN.
Nwanisiobi, who said that CBN would not rest on its oars as the TCF had helped Nigeria exit recession and post the current Gross Domestic Product growth rate of 5.01%.
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What the CBN’s Director for Corporate Communications is saying
Nwanisiobi said that more than 600,000 applicants had benefited from the various Covid-19-induced interventions so far, faulting claims that residents of Enugu State didn’t receive the CBN credit facilities.
He said, “That would not be true. If you tell me that there are people who still need Covid-19 facility and who have not received it; honestly, I will agree with you.
“We started with about N50bn. We moved to N100bn, to N300bn; today; we are talking about N400bn. Now, the number of applications that we have is over eight million applications and we have done over 600,000.
“Now, will people complain that they haven’t received it? The answer is yes; you see the number and then you see what we are doing.
“The reality is that we are not resting on our oars. The governor is actually very passionate because he has also seen that what we have done in this regard also help Nigerians exit recession and to post the kind of GDP that we have posted and so he is poised to do more.”
Nwanisiobi noted that the major reason for the targeted stakeholders’ interactive session was to educate the labour leaders who were critical stakeholders in the CBN policies, interventions, programmes, and initiatives.
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.
- The intervention programme which was initially started with N50 billion had been increased to N400 billion by the apex bank due to the resounding success of the programme and its positive impact on output growth.
Most times, I wonder how true is all these disbursements stories from CBN because if you apply it won’t get to you, I have applied, reapplied without penny, so most times it seems this 9ja factor of who know who is really working. Stories of billions of Naira been spent for this course but won’t reach the real people that are indeed in need. No problem, some of us will continue to hope on God for our desired change while working very hard because one day it will certainly happen.
The CBN has not done enough on the issue of the loan. It seems to me that applications from Plateau state have been kept in the cooler of the Bank. I pray that the CBN will revisit their cupboard and exhume those applications. Thanks.
How can someone apply for the load?
How I get a loan in nirsal macro
I applied for this TCF loan in July 2020 Sme, March 2021 household and 27th Aug 2021, non-interest loan. I didn’t receive any message, nor any loan… all i see is BVN doesn’t exist…I’m from Imo state, resides in Port Harcourt, Rivers state. I really need this loan CBN pls do something about it. People who didn’t apply are getting this loan…How come CBN?
Please send me the link you used to apply for the loan
Me that asked for it since 2020 till now I have not seen any thing about what CBN is saying
There is something I want to still understand, are they going to payback this loan or it’s grant disguised as loan?
Make we self join if na grant o
PLEASE PUBLISH THIS FOR ALL TO SEE AND READ.
I am in a village right now, somewhere in Niger State, the State that has 9% of Nigerian Land Mass, i have access over a Million Hectares of Lands.
CBN needs to strategies, look inwards and take my advice i am about to give very seriously.
Our Agricultural Lands are massively been taken over by what we call “Desert Encdochment”.
We need to collectly do away with Chemical Fertilizers and set up Companies headed by briliant Nigerias, that will Manage our over 50Million Tons of Wastes and convert 50% of the Waste into Organic Fertilizers. I have the understanding and Technical knowhow to Consult on how to set up the Machineries to achieve this exercises and practise.
Its onky this Organic Waste that can rescue of our land that is degerading right now. We need an alternative new approach urgently and very fast.
At present for example Maize in the International Market is sold at between #130,000 to #140,000 per ton, while in Nigeria it is sold at between #240,000 to #260,000 per ton, how can our Farmers Export with this Price to make Foreign Currencies back to the Country. Secondly, couple of Months ago, we got an Export Order from China to Supply Thousand Of Tons of Four （4）Food Products from Nigeria, but what disqulifies us was lack of a Government Bodies that can test the Chemical Analysis of our Products. Since Countries and Nations are going for Organics Foods today, they believe most of Nigerian Foods are far from Chemicals but they want to be very sure of this by given out our Foods Test Results. What is NAFDAC & SON doing to rescue us？
Tcf Wings of flying
Please publish the names of those that have benefited so we can see.Enough of all the lie and lie and lie.
How can I apply for the loan
My name is kukoyi gboyega mutiu.i applied for TCF covid 19 nisar/ cbn loan and ans since the time applied I have not been received any alert.pls the authority should pls find solutions to those nigerians that are still waiting to receive the loan.