CBN Disburses N338.6b COVID-19 Intervention Funds

CBN Disburses N338.6b COVID-19 Intervention Funds
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CBN Disburses N338.6b COVID-19 Intervention Funds: Monetary Policy Committee (MPC) member, Sanusi Aliyu Rafindadi, has revealed that report has shown significant progress in the implementation of the CBN’s COVID-19 intervention funds, saying the Central Bank of Nigeria (CBN), has disbursed N338.6billion coronavirus (COVID-19)-related intervention funds to beneficiaries across various sectors.

Sanusi Aliyu Rafindadi, while giving the breakdown in a note released by the apex bank, as received by Mediangr said Over N152.9 billion (or 15.2 percent) of the N1 trillion targeted support for the manufacturing sector has been disbursed.

N26.278 billion (or 26.3 percent) of the N100 billion Healthcare funds, has been disbursed to fund 20 projects, with additional 16 applications for N67.413 billion were under processing.

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Of the N50 billion Targeted Credit Facility for Households and Micro, Small and Medium Scale Enterprises (MSMEs) disbursed by NIRSAL Microfinance Bank, N49.195 billion has been given out to 91,736 beneficiaries.

With N1.5 billion disbursed to 169 beneficiaries under the Creative Industry Financing Initiative (CIFI).

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

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He further explained that the loan facilities were given at five percent 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.

With a successful implementation of the Federal Government’s Economic Sustainability Plan, real output growth is expected to range between -0.39 percent and -0.16 per cent in the year, and between 0.7 percent and 1.48 percent in first quarter 2021 depending on the level of oil price.

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