• Home
  • Contact Us
  • About us
  • Privacy Policy
Wednesday, July 16, 2025
New Citizen
  • Login
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us
No Result
View All Result
New Citizen
No Result
View All Result
Home Business & Economy

Beneficiaries complain as CBN set to recover COVID-19 intervention loans

by KADIRI ABDULRAHMAN
September 17, 2023
in Business & Economy
0
Involve MfBs in policy formulation, implementation, NAMB urges CBN
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

The Central Bank of Nigeria (CBN), is set to recover loans it granted some categories of Nigerians to ameliorate harsh socio-economic realities.

The News Agency of Nigeria reports that the loan initiative involved is the Targeted Credit Facilities (TCF), granted to some Nigerians in 2020 to cushion the economic effect of COVID-19.

READ ALSO

Dangiwa presents NASAP Vision, digital craft hub at National Council on Skills

Finance Ministry’s ACTU committee launches staff sensitisation campaign

Some beneficiaries of the facility, however, expressed concern about the manner of recovery.

A beneficiary, Fatimah Alli, said that the sudden move to recover her N500,000 COVID-19 loan had worsened her financial challenges.

“I got a loan of N500,000 in 2020 to cushion the effect economic effect of COVID-19. But at that time we were assured that we will not be required to repay the money.

“But recently, all the money in my bank account were removed by the CBN as part of the loan recovery drive,” she said.

Another beneficiary of the TCF, Abbas Sule, also complained about arbitrary loan deductions from his bank account.

“When I was granted the loan facility in 2020, the bank official that processed the release through NIRSAL Microfinance Bank (NMFB) got a commission of N50, 000, and I was paid N450,000.

“Now they want me to repay N500,000, that is not fair, ” he said.

NAN reports that NMFB recently called for the repayment of COVID-19 loans given to households and business operators across the country.

The CBN had in March 2020, introduced the N50 billion TCF to support households and Micro, Small and Medium-sized enterprises (MSMEs) that have been particularly hit hard by COVID-19.

The loans were disbursed to beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of five per cent with a moratorium period that lasts till February 28, 2021.

At the expiration of the moratorium, the interest rate of the facility reverts to nine per cent from March 1, 2021.

According to NMFB in Its official twitter handle, we have played our part. It is now your turn.

The MFB revealed that it had given out loans worth N503 billion to more than 881,081 Nigerians and business operators to cushion the effects of the pandemic.

It urged beneficiaries to take steps to repay the loans, as they were not given as grants.

“You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.

You must ensure that your loan account is always funded,” it said. (NAN)

Previous Post

NDLEA intercepts 6,600 bottles of codeine, arrests 8 suspects

Next Post

Diri urges Youth Council to prioritise Ijaw interest

Related Posts

Business & Economy

Dangiwa presents NASAP Vision, digital craft hub at National Council on Skills

July 14, 2025
Finance Ministry’s ACTU committee launches staff sensitisation campaign
Business & Economy

Finance Ministry’s ACTU committee launches staff sensitisation campaign

June 21, 2025
Nigeria Customs deepens integrity measures as ICPC deploys ethics compliance tools
Business & Economy

Nigeria Customs deepens integrity measures as ICPC deploys ethics compliance tools

June 21, 2025
Finance Minister meets downstream leaders to deepen energy reforms, drive investment in CNG
Business & Economy

Finance Minister meets downstream leaders to deepen energy reforms, drive investment in CNG

June 20, 2025
Next Post
Diri urges Youth Council to prioritise Ijaw interest

Diri urges Youth Council to prioritise Ijaw interest

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Tinubu, Shettima, other dignitaries bid farewell as Buhari laid to rest in Daura
  • A Tribute To President Muhammadu Buhari
  • Dangiwa presents NASAP Vision, digital craft hub at National Council on Skills
  • FG declares Tuesday public holiday in honour of late Buhari
  • Former President Buhari dies in London hospital aged 82

Recent Comments

No comments to show.

Recent Posts

  • Tinubu, Shettima, other dignitaries bid farewell as Buhari laid to rest in Daura
  • A Tribute To President Muhammadu Buhari
  • Dangiwa presents NASAP Vision, digital craft hub at National Council on Skills
  • FG declares Tuesday public holiday in honour of late Buhari

Quick Links

  • Home
  • Contact Us
  • About us
  • Privacy Policy
No Result
View All Result
  • Home
  • Nation
  • Politics
  • Business & Economy
  • Health
  • Education
  • Sport
  • Arts & Life
  • Culture & Entertainment
  • World
  • Perspectives
  • About us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

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

Log In