80,000 Nigerians Apply for CBN’s N50bn COVID-19 Fund

• 80,000 Nigerians Apply for CBN’s N50bn COVID-19 Fund

More than 80,000 Nigerians have applied for the new Central Bank of Nigeria’s N50 billion intervention fund, Mr Abubakar Kure, the Managing Director, NIRSAL Microfinance Bank, stated on Tuesday during a media briefing in Abuja.

The central bank had introduced the N50 billion Targeted Credit Facility to support Micro Small and Medium Enterprises (MSMEs) and households impacted by the COVID-19.

Despite Nigerians criticising the requirements to access the intervention fund, Kure said “We have over 80,000 applications out of which 40,000 came from households while 30,000 were from the SMEs.

“From next week, genuine applicants will start receiving alert for their loans.

“Our people are working remotely and disbursements will start next week.”

Speaking on the controversial N10,000 payment for a business plan before the loan could be accessed, Kure said the management of the bank had shelved the requirement for business plan.

He said, “The issue of business plan was a requirement for the SME applications as stipulated by the CBN guidelines.

“In order to stem further controversy, the management of the NMFB has resolved that the business plan is no longer a mandatory requirement and the third party provision of a business plan is not compulsory.

“We assure Nigerians of adhering to the guidelines as laid down by the CBN.”

It is, however, uncertain if the over 80,000 applicants were the vulnerable small businesses and households impacted by the coronavirus or the same privileged individuals with properties and other stringent requirements for the loan.