CBN Reveals N3trn Loans Shared to Nigerian Businesses, Household in One Year To Cushion Effect of Covid-19

CBN Reveals N3trn Loans Shared to Nigerian Businesses, Household in One Year To Cushion Effect of Covid-19

  • The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has revealed that the central bank has so far disbursed about N3 trillion
  • The funds were given to households, small and medium scale enterprises (SMEs), smallholder farmers, pharmaceutical companies
  • He said the funds were necessary to cushion the impact of the Covid-19 pandemic on many Nigerians and businesses

The Central Bank of Nigeria has revealed that in the last year it has disbursed to Nigerian-owned businesses, households at least N3 trillion loans.

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, disclosed this while speaking in an interview with Arise Television.

Emefiele noted that the insinuation that the CBN was overreaching its statutory bounds, was baseless, explaining that the bank had continued to play its monetary management role effectively.

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CBN Reveals N3trn Loans Shared to Nigerian Businesses, Household in One Year To Cushion Effect of Covid-19
Central Bank of Nigeria building, Abuja Credit: CBN
Source: Twitter

He also reiterated that the monetary and fiscal authorities were working hand in hand to deliver a stronger economy to Nigerians.

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Emefiele pointed out that the job of the CBN was to complement the efforts of the fiscal side, emphasising that it had never happened in the country where the central bank would lend funds for a tenure of 10 years with a two-year moratorium, like the CBN had done in recent times.

His words:

“I can tell you this, between 2020 and now, our data shows that we have disbursed at least N2 trillion, almost N3 trillion in loans to households, to MSMEs, to smallholder farmers, to pharmaceuticals and health institutions.
“ We have also given these funds to some of our large agricultural companies that want to get back again to business, to manufacturing companies who are accessing long term 10 years loan with two-year moratorium with single digit rate. I have data that shows we are playing our part.”

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On the recently launched “100 for 100 “, he noted that it was floated to support employment creation, assuring that the central bank would do everything possible to provide foreign exchange to import plants and machinery.

He added that the programme would complement the plan by President Muhammadu Buhari to create millions of jobs and make credit available at a cheap rate even for a long tenure.

CBN releases selection criteria for participation in 100 for 100 Policy

Meanwhile, legit.ng had earlier reported that the Central Bank of Nigeria on Sunday, unveiled the selection process of its newly introduced financial tool.

The 100 for 100 PPP The bank made this official in a notice issued and signed by the development finance department.

CBN explained further that the selection would be rated on the immediate impact the participating companies has on various sectors of the economy.

Source: Legit

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