Nigeria: CBN disburses N49 billion for 80,000 beneficiaries to cushion impact of COVID-19

The Central Bank of Nigeria (CBN) has so far disbursed N49 billion out of its N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy, according to a news report by This Day.

Also, its Business Expectations Survey Report for June 2020 shows that at -24.3 index points, the overall confidence index (CI) indicated respondents’ pessimism on the overall macroeconomy in June while the respondents are optimistic in their outlook for July.

Giving details of the Targeted Credit Facility disbursement, CBN’s Director, Corporate Communications, Isaac Okorafor, told during a telephone interview yesterday that about 80,000 operators of micro, small and medium scale enterprises (MSMEs) and families have benefitted from the intervention fund.

He said the fund was expected to support the federal government’s measures to stimulate economic activities as well as to help the economy avert a looming economic recession.

"So far, out of the N50 billion targeted credit facility for households and small businesses, we have disbursed about N49 billion. We also have other intervention funds such as the N100 billion healthcare facility, whose disbursement is ongoing as well, "Okorafor added.

The apex bank had earlier released guidelines for the disbursement of the special intervention fund.

The NISRAL Microfinance Bank (NMFB) served as the disbursing financial institution and the fund is meant for SMEs, households, and enterprises that have verifiable evidence of livelihood and evidence of business activities adversely impacted by the pandemic.