3,256 benefit from CBN’s N50bn credit facility
By Tanko Mohammed
The Central Bank of Nigeria’s (CBN) N50 billion, Targeted Credit Facility (TCF) to cushion effects of COVID-19 has been disbursed to 3,256 individuals and small businesses.
The Managing Director of Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr Abubakar Kure, reported in Abuja on Thursday that the disbursement was the first phase of the facility.
CBN had in March announced the release of N50 billion TCF 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 weekly basis.
He explained that the idea was to provide cash flow or liquidity in order to mitigate effects of COVID-19 pandemic and help the economy to normalise.
Kure added that businesses and individuals were seriously affected by this deadly virus in the country.
The managing director, 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 documentation was one of the challenges of the process but the bank was doing everything possible to overcome it.