3,256 receive funds from CBN N50bn COVID-19 credit facility

A total of 3,256 individuals and small businesses have received funds from the Central Bank of Nigeria’s (CBN) N50 billion targeted credit facility (TCF) to cushion the effects of COVID-19.

Abubakar Kure, managing director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), said the disbursement marks the first phase of the facility.

The CBN had, in March, announced the provision of N50 billion as a stimulus package to support households and micro, small and medium enterprises (MSMEs) affected by COVID-19 pandemic.

Kure said the first batch of beneficiaries had received the facility, adding that subsequent disbursements would be done on a weekly basis.

He explained that the idea was to provide liquidity in order to mitigate the effects of COVID-19 pandemic and help the economy to normalise.

Kure, who congratulated the beneficiaries, urged them to repay so that others could benefit saying that this was meant to serve as a short term relief for them.

He noted that the process was transparent and accessible to all and sundry and ensured only applicants who were qualified were selected.

He said beneficiaries will be announced every other week.

Applications for the facility are to be made only to NISRAL Microfinance Bank, an entity owned by the Central Bank of Nigeria.

Read about how to apply for the loan HERE.