COVID-19: Disbursement of N50bn intervention funds begin next week

• Over 80,000 businesses, Nigerians applied

Genuine applicants out of the over 80,000 individuals and businesses who applied for the N50 billion intervention funds of the Federal Government packaged by the Central Bank of Nigeria (CBN) to cushion the effects of coronavirus pandenic in the country, will from next week start receiving alerts for their loans.

revealed three weeks after the Central Bank of Nigeria (CBN) released guidelines for the N50billion targeted credit facility will  .

The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in Abuja on Tuesday.

The CBN had introduced the N50billion Targeted Credit Facility, as a stimulus package to support households and the Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

Beneficiaries will be households and businesses adversely impacted by the Coronavirus.

Activities covered under the scheme are agricultural value chain activities; hospitality (accommodation and food services); health (pharmaceuticals and medical supplies); and airline service providers.

Others are manufacturing/value addition; trading and any other income generating activities as may be prescribed by the CBN.

Kure said that 40,000 applications were from households, while 30,000 applications were received from the SMEs.

Funds will be disbursed from next week to those who met the criteria.

“We have over 80,000 applications, out of which 40,000 came from households, while 30,000 were from the SMEs.

“From next week, genuine applicants will start receiving alerts for their loans.

“Our people are working remotely and disbursements will start next week,” Kure said.

The CBN Director, Corporate Communications Department, Mr Isaac Okorafor, also warned applicants against making payments for business proposals.