COVID-19 N50 Billion CBN Loan Update from the Apex Bank – If you applied for the NIRSAL Micro Finance Bank Loan from the Central Bank of Nigeria (CBN) and you are in need of update on the stages of the loan, kindly read this post and get informed on what is going on.
The Central Bank of Nigeria (CBN) has announced that it has approved the sum of N10.9 Billion to 14,331 beneficiaries under the COVID-19 N50 Billion CBN Loan Targeted Credit Facility for Households and SMEs.
The fund, according to CBN, forms part of the N107.45 billion approved so far from the N1.15 Trillion COVID-19 Pandemic Intervention Funds.
From the data provided by the bank from the Monetary Policy Meeting for May 2020, the CBN said it has approved N10.9 billion to 14,331 beneficiaries under the N50 billion Targeted Credit Facility for Households and SMEs, out of which N4.1 billion has been disbursed to 5,868 successful beneficiaries.
The COVID-19 Support fund, which will be distributed by NIRSAL Microfinance Bank and come with an Interest rate under the intervention is 5% per year up to 28th February 2021 and thereafter, the interest will revert to 9% per year as from 1st March 2021.
The CBN also announced that under the N100 billion Healthcare Sector fund, N10.15 billion has been disbursed and approved for establishment of advanced diagnostics and Health Centers and expansion of Pharmaceutical plants for essentials drugs and intravenous fluids.
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