CBN Disburses N49bn From N50bn Covid-19 Fund

The Central Bank of Nigeria (CBN) says it has disbursed over N49 billion out of N50 billion targeted facility for households and small businesses.  The Director of Corporate Communications at the apex bank, Isaac Okoroafor, says: “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.” He adds: ”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. 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 work themselves out of that kind of recession and be able to maintain their businesses and their livelihoods.” Continuing, Okoroafor says the CBN would ensure that small businesses that employ two or three people and account for most of the jobs in the country continue to do their business without allowing the coronavirus pandemic to affect them. 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.” The CBN 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.