• Latest
  • Trending
CBN jerks COVID-19 loans to N300b to help more Nigerians, SMEs

CBN jerks COVID-19 loans to N300b to help more Nigerians, SMEs

December 7, 2020
Criminal groups selling fake COVID-19 vaccines, INTERPOL warns Nigeria, UK, US others

NPHCDA dispels conspiracy theory of ‘microchips’ in COVID-19 vaccine

March 3, 2021
Gunmen kill ex-governor’s  brother in Benue

Gunmen kill ex-governor’s brother in Benue

March 3, 2021
We have intelligence reports on those profiting from insecurity,says NSA

We have intelligence reports on those profiting from insecurity,says NSA

March 3, 2021
JUST IN: Ibadan-based cleric, Bishop Wale Oke, elected new PFN president

JUST IN: Ibadan-based cleric, Bishop Wale Oke, elected new PFN president

March 2, 2021
UK names Nigerian-born lawyer as candidate for UN law body

UK names Nigerian-born lawyer as candidate for UN law body

March 2, 2021
10 interesting facts about the world

10 interesting facts about the world

March 2, 2021
JUST IN: Some Nigerians mistook SARS disbandment  as weakness – Buhari

BREAKING:Buhari declares Zamfara ‘no fly zone’, bans mining indefinitely

March 2, 2021
JUST IN: Fayemi directs civil servants below Grade Level 12 to resume

JUST IN: Fayemi directs civil servants below Grade Level 12 to resume

March 2, 2021
We are investigating alleged high-handedness of Amotekun, says Makinde

Retired Permanent Secretaries commend Makinde over creation of four new education administration zones

March 2, 2021
JUST IN: COVID-19 vaccines arrive Nigeria

JUST IN: COVID-19 vaccines arrive Nigeria

March 2, 2021
Workers in Oyo tertiary institutions begin indefinite strike over appointment of consultant

Workers in Oyo tertiary institutions begin indefinite strike over appointment of consultant

March 2, 2021
My vision is for UCH to compete with best tertiary hospitals- CMD

My vision is for UCH to compete with best tertiary hospitals- CMD

March 2, 2021
  • Contact Us
  • Advertise
Wednesday, March 3, 2021
  • Login
Newspeakonline
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak ExclusivesNew
No Result
View All Result
Newspeak
Home News

CBN jerks COVID-19 loans to N300b to help more Nigerians, SMEs

Roseline Oladele by Roseline Oladele
December 7, 2020
in News
Reading Time: 2 min
0
CBN jerks COVID-19 loans to N300b to help more Nigerians, SMEs
Share on FacebookShare on TwitterShare on WhatsAppShare on Telegram
UBA Banner 533×166
FirstBank Dec29

By Samuel Adegoke

The Central Bank of Nigeria (CBN) has increased the Targeted Credit Facility (TCF) from N150 billion to N300 billion.

RelatedPosts

NPHCDA dispels conspiracy theory of ‘microchips’ in COVID-19 vaccine

Gunmen kill ex-governor’s brother in Benue

We have intelligence reports on those profiting from insecurity,says NSA

The expansion of the credit line, the apex bank said, is to enable it reach more households and small businesses.

Disbursements of the loan were based on the activity, cash flow, and industry size of the beneficiaries. Each eligible small business can receive a maximum of N25 million while qualified households can access a maximum of N3 million each. The sum of N500,000 has, however, been approved for most households.

In a ‘Response by the Monetary and Fiscal Authorities to COVID-19’ report released by the apex bank, its Governor, Godwin Emefiele, said the TCF funds were already being disbursed through the NIRSAL Microfinance Bank.

He said already N149.21 billion has been disbursed to 316,869 beneficiaries, adding that given the resounding success of this programme and its positive impact on output growth, the apex bank has decided to double the fund to N300 billion.

“The increase is to accommodate many more beneficiaries and boost consumer expenditure which should positively impact output growth. “Given the impact on COVID-19 on key economic variables earlier mentioned, the fiscal and monetary authorities took unprecedented measures to prevent any long-term damage to the growth prospects of our economy,” he said.

He said there is one-year extension of the moratorium on principal repayments for CBN intervention facilities and regulatory forbearance was granted to banks to restructure loans given to sectors that were severely affected by the pandemic.

He said the CBN has also strengthened the Loan to Deposit ratio policy, which has resulted in a significant rise in loans provided by financial institutions to banking customers.

“Total gross credit rose by over 21 percent over the past year, from N15.5 trillion to N19.54 trillion. The apex bank, he added has also disbursed Agri- Business/Small and Medium Enterprise Investment Scheme (AGSMEIS) (N92.90 billion to 24,702 beneficiaries), Anchor Borrowers Program (ABP) by the sum of N164.91 billion to 954,279 beneficiaries,” he said.

The apex bank said it has also extended over N738 billion credit to manufacturers for manufacturing related activities to keep their operations running amidst the pandemic.

“The Agricultural sector continued to record positive growth supported by productivity gains in the sector, interventions by the government, and improved demand for local produce. The Manufacturing Purchasing Managers Index, in the month of November stood at 50.2 points, indicating an expansion in manufacturing activities after six months of contraction,” he said.

Source: The Nation

Related

Tags: CBNCOVID-19Loan
Previous Post

Senator Balogun facilitates transformers for Ibadan communities

Next Post

COVID-19: FG begins payment of N30,000 grants to taxi, bus drivers, okada, keke riders

Related Posts

Criminal groups selling fake COVID-19 vaccines, INTERPOL warns Nigeria, UK, US others

NPHCDA dispels conspiracy theory of ‘microchips’ in COVID-19 vaccine

March 3, 2021
JUST IN: COVID-19 vaccines arrive Nigeria

JUST IN: COVID-19 vaccines arrive Nigeria

March 2, 2021

Lagos fines 172 COVID-19 violators N6.8m

March 2, 2021

COVID-19: NPHCDA begins online registration of Nigerians for vaccination (SEE HOW TO REGISTER)

March 1, 2021

COVID-19: Again, Lagos extends work-from-home by four weeks

March 1, 2021

‘4m COVID-19 vaccine expected in Nigeria Tuesday’

February 28, 2021

Insecurity:Bandits sponsored by those who wanted Jonathan out,says ex-CBN deputy governor

February 26, 2021
Next Post
COVID-19: FG begins payment of N30,000 grants to taxi, bus drivers, okada, keke riders

COVID-19: FG begins payment of N30,000 grants to taxi, bus drivers, okada, keke riders

Leave a Reply Cancel reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Nigeria COVID-19 Live Update

NIGERIA

Confirmed
156,496
Deaths
1,923
Recovered
134,551
Active
20,022
Last updated: March 3, 2021 - 1:21 pm (+01:00)

Global

Confirmed
115,401,418
+113,016
Deaths
2,562,679
+3,056
Recovered
91,196,690
Active
21,642,049
Last updated: March 3, 2021 - 1:21 pm (+01:00)
Access Bank2020

Newspeakonline

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Navigate Site

  • Breaking News
  • Business
  • Entertainment
  • Interview
  • Newpeak Magazine
  • Newspeak Exclusives
  • Politics
  • COVID-19 Update

Follow Us

No Result
View All Result
  • News
  • Business
  • Entertainment
  • Technology
  • World
    • Africa
    • Americas
    • Asia
    • Europe
  • Opinion
  • Interview
  • Newspeak Exclusives

© 2020 Newspeak & Associates
Optimized by IChannelTech.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In