By Ngozi Onyeakusi—– In a bid to cushion the effect of the Covid-19 pandemic, the Central Bank of Nigeria (CBN) said it has disbursed N149.21 billion to 316,869 households.
The funds, which were given out in the first phase of the N150 billion Targeted Credit Facility (TCF), were disbursed through the NIRSAL Microfinance Bank after the beneficiaries met set guidelines for the intervention fund.
CBN Governor Godwin Emefiele, made this known during a media interactive programme in Lagos at the weekend.
According to him, the resounding success of the scheme and its positive impact on output growth, has prompted the apex bank to double the fund to N300 billion. The second phase of N150 billion is to kickoff at yet to be announced date with each qualified household expected to access a maximum of N3 million at five to nine per cent interest rate depending on the loan purpose. Emefiele, who was represented by Deputy Governor, Corporate Services, Edward Lametek, said the move to accommodate more beneficiaries and boost consumer expenditure would stimulate the economy.