COVID-19: CBN disbursed N3trn loans to Nigerians, businesses – Emefiele

Central Bank of Nigeria (CBN) Governor, Godwin Emefiele says about N3trillion has been distributed to families, farmers and companies to cushion the COVID-19 impact.

Emefiele made the revelation in an interview with Arise TV at the 2021 Intra-African Trade Fair in Durban, South Africa.

On complaints that the bank was overreaching its statutory bounds, he said the CBN had been playing complementary roles for the benefits of Nigerians and businesses.

“Between 2020 and now, our data shows that we have disbursed at least N2trillion, almost N3trillion in loans to households, Micro, Small and Medium Enterprises, smallholder farmers, pharmaceuticals and health institutions”, Emefiele disclosed.

The CBN chief added that large agricultural companies and manufacturing companies are also accessing 10 years loan with two-year moratorium and single digit rate.

He recalled that when coronavirus struck, President Muhammadu Buhari tasked him and Finance Minister Zainab Ahmed to work together and suggest an immediate response.

Emefiele said Buhari subsequently approved the establishment of the Economic Sustainability Programme (ESP) chaired by Vice President Yemi Osinbajo.

“The central bank played an active part to the extent that the fiscal authorities meant to contribute N500billion and monetary authorities provided almost about N1.5trillion.

“This is not as grant but as loans to support people who were impacted by COVID-19 so they can get their businesses back”, he clarified.