The increment of the funds allocated for the COVID-19 Targetted Credit Facility from N150Billion to N300Billion has rekindled the hopes of numerous applicants of the Program as many express their joy in their Social handles.
The applicants had between April-June, 2020 applied for the Household Loan of up to N500,000 or the SME Loan of up to N3Million for registered businesses as offered by the Central Bank of Nigeria, without collateral, at interest rate of 5% for the first year, 9% for subsequent years and maximum of 3 years duration, to cushion the effect of the COVID-19 Pandemic on Nigerians.
The CBN Governor, Mr Godwin Emefiele, speaking to reporters on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja had announced that the bank would raise its COVID-19 Targeted Credit Facility from N150 billion to N300 billion in order to accommodate more Nigerians in a bid to cushion the impact of the pandemic that has pushed the nation’s economy into its second recession in five years.
Emefiele noted that increasing the Targeted Credit Facility will, by boosting consumer spending, stimulate output and ensure that all the six geopolitical zones benefitted from the palliative, adding that the Monetry Policy Committe (MPC) have been briefed on how impactful the COVID-19 Targetted Credit Facility has been and they are committed to doing more.
Since the release of the information to the general public especially the applicants of the loan whose application have not been approved and those awaiting disbursements, expectation has heightened as it is indicative that by doubling the allocated funds, larger percentage of the applicants would recieve their Loans to buttress the plans of the apex bank and Monetary Policy Committee in rescinding the recession presented by the COVID-19 Pandemic.
As at this moment, there has not been any disclosed intention of opening the portal for a new registration upon doubling the allocated fund for the laudable initiative of the Federal Government.
The applicants are however encouraged to exercise patience while Nirsal Microfinance Bank perform their official duties to ensure seamless disbursement of the loan.
Applicants are also encouraged to continue to check the status of their application through https://covid19.nmfb.com.ng as approval/ disbursement is on going across the Federation.
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