NMFB COVID-19 TCF Loan: CBN Disburses Trillions as Loan To Household, MSMEs, Firms in 1 Year – Emefiele

NMFB COVID-19 TCF Loan: CBN Disburses Trillions as Loan To Household, MSMEs, Firms in 1 Year – Emefiele

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele has disclosed that the trillions of Naira have been disbursed as loans with single-digit interest rates and a two-year moratorium to households, Micro Small and Medium Enterprises (MSMEs), and big companies from 2020 till date, as part of the COVID-19 Economic Recovery strategies.

This was made known by the Governor, Emefiele on Tuesday while responding to Arise Television Interview held on the sidelines of the ongoing intra-Africa trade fair in Durban, South Africa.

He began his speech by remarking that immediately after the COVID-19 outbreak was recorded in Nigeria last year, President Muhammadu Buhari summoned him and the Minister of Finance, Mrs. Zainab Ahmed to quickly develop a blueprint to manage the economy as the COVID-19 pandemic disrupted global supply chains.

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According to the apex bank Governor, the fiscal wing was to provide N500 billion while the monetary wing was to come up with N1.5 trillion at the first instance.”

Emefiele noted that the intervention loans were later scaled up as demand increased such that close to N3 trillion has been disbursed as loans and not grants as some Nigerians erroneously believe.

He stated: “We have disbursed about N3 trillion loans from last year to this year. Farmers, Households, the manufacturing sector and others who could not get loans before now got at a single-digit interest rate and two-year moratorium. We have our records to show we have played our part and I’m not saying that the fiscal authorities have not played their part.

“The loans were not meant for players in the fiscal space to share. There is no problem with the fiscal authorities. Our job is to complement. At every opportunity when we hold our MPC meeting, we always reel out what we have done. Throughout my years as a banker, I never saw where banks lent 10-year loans with a two-year moratorium. I hope it continues even after I have left,” he added.

Emefiele further disclosed that there may have been some mistakes made in the course of managing the economy, especially in the COVID-19 era.

He however did not specifically state the mistakes but added that good lessons have been learned and that such mistakes would not repeat themselves on his watch.

The apex bank Governor also assured that “the remaining years of the current administration and his tenure will focus on delivering enduring infrastructure to Nigerians that will ultimately galvanize massive job creation, which in turn will boost the economy and help solve the insecurity crisis”.

Emefiele clearly stated: “I dream about the Nigeria of my childhood or move close to what it was at my birth. Nigeria is a nation of great opportunities. The population is growing and we have the potential to become even greater. We must diversify into non-oil revenue. Self-sufficiency is key and we must strive to achieve that.”

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Meanwhile, the Nirsal Microfinance Bank has continued the Approval and Disbursement of the COVID-19 Targeted Credit Facility Loan to eligible Applicants.

Household Applicants can check their Loan Approval status by visiting https://covid19.nmfb.com.ng/HomeLoans while SME applicants can check their Loan Approval status by visiting https://covid19.nmfb.com.ng/SmeLoan (SME).

NMFB COVID-19 TCF Loan