CBN Covid-19 intervention fund: N10.9bn approved, N4.1bn disbursed

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CEM Report, Lagos
The Central Bank of Nigeria has disbursed the sum of N4.1billion to 5,868 successful beneficiaries out of the approved N10.9 billion to 14,331 beneficiaries under the N50 billion Targeted Credit Facility for households and SME’s.

The Apex Bank made this known in the communique released after the Monetary Policy Committee’s meeting on Thursday, May 28.

“The Bank (CBN) has  also  approved  N10.9  billion  to  14,331 beneficiaries under the N50 billion Targeted Credit Facility for households and SME’s,  out  of  which  N4.1billion  has  been  disbursed  to  5,868  successful beneficiaries”, the communique stated.

The disbursement of the fund was flagged off in early May by the designated Bank, NIRSAL Microfinance Bank.

NIRSAL MFB Managing Director, Mr Abubakar Kure, had announced at the inauguration that a total of 3,256 individuals and businesses would benefit under the first batch of the fund disbursement.

CBN had in March rolled out various intervention funds, directed at different sectors to stimulate activities in those sectors as a cushion the impact of the COVID-19 pandemic on the economy. These include the N100 billion Healthcare Sector Intervention Fund, N1trillion intervention targeted at Agriculture and Manufacturing firms and the N50 billion target credit facility for affected households and small and medium enterprises.

CBN stated in the communique that it has disbursed N10.15 billion under the Healthcare Sector Intervention Fund, while N93.2bn has been disbursed under the N1trillion Real Sector Support Fund.

[ALSO READ] CBN begins N50bn COVID-19 Targeted Credit Facility disbursement

“The Committee  recognized  that  under  the  N100  billion  Healthcare  Sector Intervention  Fund,  the  Bank  has  approved  and  disbursed  N10.15  billion  for some  projects  for  the  establishment  of  advanced  diagnostic  and  health centres  and the  expansion of some pharmaceutical plants for essential drugs and  intravenous  fluids.

“As part  of  the  N1trillion  intervention  targeted  at Agriculture and  Manufacturing firms, the Bank has further disbursed N93.2bn under  the Real  Sector  Support  Fund  to  boost  local  manufacturing  and production across  critical sectors. This consists of over 44 greenfield and brownfield projects”, CBN stated.

The Central Bank disbursement figures indicate that 21.8% of the N50 billion Targeted Credit Facility for households and SMEs is so far disbursed. N30.1 billion representing 78.2% is still available to be accessed by households and SMEs.

Mr Abubakar Kure, at the at the flag off of disbursement, had urged Nigerians to apply for the facility as everyone has equal opportunity to access it

“We urge people to apply. You don’t need to know anybody before you apply and once you qualify, you will be given the loan.”

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