The Central Bank of Nigeria has upped the funding of the Targeted Credit Facility (TCF) by double, owing to the “success” of the programme.
This was disclosed by the CBN Governor Godwin Emefiele during a 30th workshop for finance editors and journalists.
The CBN governor’s proxy at the event Deputy Governor Corporate Services Adamu Lamtek said, “We initially created a N150 billion Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21 billion has been disbursed to 316,869 beneficiaries.
“Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300 billion in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”
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Little Info…
The CBN initiated the Targeted Credit Facility fund as a stimulus package to aid Micro, Small, and Medium Enterprises (MSMEs) and households who had been negatively hit by the COVID-19 pandemic.
Businesses are eligible to a maximum of 25 percent of the company’s average three-year annual returns.
