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.
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“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.”