Over 80,000 families and households have received more than N49 billion out of the N50 billion targeted palliatives for households and small businesses, the Central Bank of Nigeria (CBN) has said.
The N50 billion Targeted Credit Facility formed part of the apex bank’s coronavirus stimulus package to support households and micro, small and medium enterprises.
The level of disbursement was announced by the Director for Corporate Communications for CBN, Isaac Okoroafor, in a television interview. He explained that the apex bank had announced a couple of measures and policies aimed at ensuring that Nigeria’s economy does not slip back into recession due to the coronavirus pandemic and the related crash in oil prices.
Okoroafor, stated that CBN was confident in the resilience of the economy despite gloomy forecasts, “At the CBN we have looked at it and we felt that everyone must work hard to ensure that the economy does not slip back into recession. We have done that with a couple of interventions, we have the targeted credit facility for households and small businesses which as we speak, out of the N50 billion earmarked for this, more than N49 billion has been disbursed to over 80,000 families and households. ‘’We also have the N100 billion healthcare facility which quite a number of operators in that area have benefitted and we are inviting others to come in. we believe that Nigerians have the power, have the energy, have the creativity to ensure that this economy doesn’t go into recession.
“Of course there is consensus across the world, most economies if not all will go into recession this year and Nigeria is not totally immune from it, but we are working as a monetary authority, as a public institution to ensure that those Nigerians, families and small businesses whose businesses were negatively impacted by this pandemic, that we give them the opportunity to walk themselves out of that kind of recession and to be able to maintain even their businesses as they go on and their livelihoods.” Going further, Okoroafor said that the CBN would ensure that small businesses that employ 2 or 3 people and account for most of the jobs in the country continue to do their business without allowing the coronavirus pandemic to affect them. He pointed out that making Nigerians work hard would ensure that the pandemic does not push the country into a recession.
The CBN spokesman also pointed out that the CBN has a N1 trillion fund for the manufacturing sector and is aimed at ensuring that productivity is enhanced, thereby working a way out of the impact of this pandemic.