By Esther Yakubu
The Central Bank of Nigeria (CBN), has begun disbursement of the N50 billion Targeted Credit Facility (TCF), a stimulus package earmarked to support households and MSMEs ailing from the rampaging COVID-19 pandemic.
The disbursement is through the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) Microfinance Bank.
The Managing Director of NIRSAL Microfinance Bank, Mr Abubakar Abdullahi Kure, made the disclosure in Abuja at a media briefing to unveil some of the beneficiaries.
He said 3,256 MSMEs were benefiting from the first batch of the disbursement.
According to him, the disbursement will be a weekly occurrence, adding that beneficiaries will come from all parts of Nigeria.
He said: “The N50 billion was earmarked by CBN to incentivise businesses and households affected by the COVID-19 pandemic. We started disbursing the loan and they will get alert before the end of today.
“It’s not a grant but a trade facility to help SMEs battered by COVID-19 come back to operation. SMEs are the engine room of growth of the economy. Once you qualify, you would be given. You don’t need to know any one in NIRSAL Microfinance Bank or CBN.
“The documentation process is ongoing. We started with Abuja because of convenience. We have 33 branches. Some of them are not functioning optimally because of the lockdown.
“You’re the first set of applicants. I encourage you to pay back so that other people can enjoy the facility”.
