Nigerians to access up to N25 million as NIRSAL reopens portal for CBN's stimulus package

Nigerians to access up to N25 million as NIRSAL reopens portal for CBN's stimulus package

- The application for the CBN's stimulus package to mitigate the impact of COVID-19 has been reopened

- According to NIRSAL, the microfinance bank in charge of the disbursement, individuals can access up to N25 million under the credit facility

- There are three main categories which include households, microenterprises and SMEs

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The Central Bank of Nigeria (CBN), through NIRSAL Microfinance Bank, has reopened its portal for Micro Small and Medium Enterprises (SMEs) and households affected by the COVID-19 pandemic.

President Muhammadu Buhari's personal assistant on new media, Bashir Ahmad, disclosed this via his Twitter handle on Wednesday, March 10. gathers that the development has also been confirmed by NIRSAL which added that Nigerians will access up to N25 million in the stimulus package initiative.

CBN's stimulus package: Nigerians to access up to N25 million as NIRSAL reopens portal
NIRSAL Microfinance Bank reopens portal for CBN's stimulus package for Nigerians, SMEs. Photo credit: @Worldstagegroup
Source: Twitter

The CBN has earmarked N50 billion Targeted Credit Facility (TCF) for the social interventionist programme.

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Ahmad tweeted:

“The CBN, through @NirsalMFB introduces a stimulus package to support households and MSMEs affected by the COVID-19 pandemic. An individual can access up to N25million.”

Are you eligible?

According to the information available on NIRSAL's website, there are three categories of eligible beneficiaries, namely; households, microenterprises and SMEs.


In this category, households eligible for the loan are those with verifiable evidence to show that their livelihood has been adversely impacted by the COVID-19 pandemic.


Those to benefit from the credit facility in this category are the existing enterprises with verifiable evidence to show that their business activities have been negatively affected as a result of the COVID-19 pandemic.


This category is open for enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic.

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In another related report, a young Nigerian identified as Kunle O could not contain his excitement on Monday, March 8, when he received a credit alert from the Bank of Industry following his successful application for the federal government’s Survival Fund programme.

The Survival Fund is also an initiative by the federal government set up to ensure Nigerian Micro, Small & Medium Enterprises (MSMEs) survive amid the damaging impact of the coronavirus pandemic.

Sharing a screenshot of the bank alert on Twitter, Kunle O, expressed happiness that he benefited from the programme, noting that he got the fund on merit as he does not have any connection in the government.


Nurudeen Lawal is a journalist passionate about fact-checking/verification journalism. He holds a Bachelor of Arts degree in Literature-in-English from Obafemi Awolowo University, Ile-Ife, Osun State. As Politics Editor, Nurudeen mostly writes on Nigeria’s political and socio-economic developments. He has attended different workshops, conferences and training on fact-checking and digital reporting, among others. Learn more about him on Twitter, @Nurudeen Lawal_


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