CBN raises SME intervention fund to N300 billion, disburses N149.21 billion

The Central Bank of Nigeria has disclosed its decision to raise the Targeted Credit Facility (TCF) for households and Small and Medium Enterprises (SMEs) from the initial N150 billion to N300 billion.

The CBN under the governance of Godwin Emefiele also revealed that it had disbursed a total sum of N149.21 billion to SMEs and households across the country under the TCF.

The CBN governor disclosed this at a virtual seminar organized for finance editors and correspondents in Lagos and Abuja, according to Punch.

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Emefiele also made it known that the CBN had set out to assist households and small businesses who were affected by the Covid-19 pandemic.

The CBN Governor in his statement said; 

“We initially created a N150bn Targeted Credit Facility for affected households and small and medium enterprises through the NIRSAL Microfinance Bank. Already, N149.21bn has been disbursed to 316,869 beneficiaries.

Given the resounding success of this programme and its positive impact on output growth, we have decided to double this fund to about N300bn, in order to accommodate many more beneficiaries and boost consumer expenditure which should positively stimulate the economy.”

Emefiele stated that in line with the growing need to go digital, the application process was done online and required limited paperwork from prospective applicants.
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