Covid-19: CBN disburses N338.6b intervention funds

THE Central Bank of Nigeria (CBN) has disbursed a sum of N338.6billion for coronavirus (COVID-19)-relief unds to beneficiaries across different sectors.

A member, Monetary Policy Committee (MPC), Sanusi Aliyu Rafindadi, who made this known in a note released by the apex bank, said reports of the implementation of the CBN’s COVID-19 intervention had shown significant progress in disbursements.

CBN disclosed that over N152.9 billion (or 15.2 per cent) of the N1 trillion targeted support for the manufacturing sector has been disbursed.

Of the N100 billion Healthcare funds, N26.278 billion (or 26.3 per cent) has been disbursed to fund 20 projects.

Additional 16 applications for N67.413 billion were under processing. Of the N50 billion Targeted Credit Facility for Households and Micro, Small and Medium Scale Enterprises(MSMEs), N49.195 billion has been disbursed to 91,736 beneficiaries, while N1.5 billion was disbursed to 169 beneficiaries under the Creative Industry Financing Initiative.

CBN Intervention fundsUnder the Agri-Business/Small and Medium Enterprise Investment Scheme (AGSMEIS), N41.41billion has been disbursed to 11,613 beneficiaries.

Rafindadi explained that given that these facilities were given at five per cent interest rate, successful and timely disbursement of the entire N3.5 trillion would go a long way in providing the needed low-cost liquidity to businesses and households as the economy gradually re- opens.

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