COVID-19: N369.78bn Distributed To Nigerians – CBN

CBN Credit Expansion Programme: Emefiele Replies IMF

Since Nigeria confirmed her index case of COVID-19, no less than N369.78 billion has been distributed by the federal government to its citizens. This is according to the Central Bank of Nigeria (CBN).

In a communique cited by BizWatch Nigeria, the apex bank noted that the money was distributed under its Targeted Credit Facility (TCF) programme in August 2020.

CBN explained that the disbursement of the N369.78 billion was pertinent to cushioning the effect of the infectious disease on the masses.

“A cumulative disbursement under the TCF stood at N369.78 billion to 777,666 beneficiaries, comprising 648,052 households and 129,614 small businesses,” the communique read.

Beneficiaries of the TCF disbursement

While 777,666 beneficiaries, comprising 648,052 households and 129,614 small businesses, have so far benefited from the scheme, the last tranche of the money disbursement was to 35,340 households and 5,181 small businesses.

For the last tranche of the disbursement, a total of N40,521 beneficiaries got a combine N20.29 billion.

What you should know

It is no longer news that COVID-19 has led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, massive cancellation of sporting and entertainment events, lockdown of large swaths movements of persons in many countries, and intercontinental travel bans/restrictions across critical air routes across the world.

These outcomes have had severe consequences on households’ livelihoods and business activities, resulting from a drop in global demand, declined consumer confidence, and a slowdown in production.

In this respect, CBN introduced the N50 billion TCF as a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the pandemic.

Meanwhile, the National Coordinator of the National Social Investment Programmes (NSIP), Dr. Umar Buba Bindir recently blamed Nigerians for the fact that social intervention programmes were not yielding desired results.

According to Bundir, Nigerians are the ones sabotaging the effort of the government.

About Author

Damilare Famuyiwa is a journalist and media consultant with over seven years experience. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats, which include finance, showbiz, and music. You can reach him on [email protected]

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