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CBN Disburses N253bn To 470,000 Households, 77, 000 SMEs | COVID-19 Response

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8 months ago

June 4, 2021

CBN Disburses N253bn To 470,000 Households, 77, 000 SMEs | COVID-19 Response

CBN has said they have disbursed N253bn to 470 Households as part of the response to the COVID-19 pandemic, which affected the economy of the country.

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This was disclosed by the Acting Director Corporate Communications Department of the Central Bank of Nigeria (CBN), Mr. Osita Nwanisobi, which he stated that the bank disbursed N253 billion to 548,345 beneficiaries comprising 470,969 households and 77,376 Small and Medium Enterprises (SME’s).

According to his speech at the ongoing 42nd Kaduna International Trade Fair yesterday, Mr. Osita said the bank also reduced its interest rate on CBN intervention loans from 9 to 5 percent and initially created an N150 billion Targeted Credit Facility (TCF) for affected households and SME’s through the NIRSAL microfinance Bank.

He also said the fund has since been increased to accommodate more beneficiaries, boost consumer expenditure and positively impact output growth.

He continued by commenting on the Anchor Borrowers’ Programme, saying that the scheme had provided intervention facilities to 3,107,949 smallholder farmers cultivating 3.8 million hectares of land while about 29,026 beneficiaries have accessed N111.7 billion under the Agri-business/Small and Medium Enterprises Investment Scheme (AGSMEIS).

He then assured that the CBN will continue to sustain its interventions in the critical sectors of the economy, particularly in Agriculture, Manufacturing, MSMEs, Infrastructure, Creative Industry, Health, etc; to stimulate robust economic growth and development of the country.

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CBN Disburses N253bn To 470,000 Households, 77, 000 SMEs | COVID-19 Response