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COVID-19: CBN’s N50bn fund disbursement commences Thursday

Except for any change in plans, the disbursement of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility would start tomorrow, Thursday.

The fund, managed by the NIRSAL (Nigeria Incentive-Based Risk Sharing system for Agricultural Lending) Microfinance Bank, has received over 80,000 applications.

The Managing Director, NIRSAL Microfinance Bank, Abubakar Kure, said that those whose applications were successful would start receiving their fund on Thursday.

“We are hopeful that towards Thursday or Friday, the disbursement of the fund would commence,” the NIRSAL boss was quoted.

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic. The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

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