The Central Bank of Nigeria (CBN) announced that it disbursed N149.21 billion to 316,869 households under the Targeted Credit Facility (TCF).
The sum of N150 billion allocated for the first phase of the Targeted Credit Facility (TCF), have been disbursed through the NIRSAL Microfinance Bank after the beneficiaries met set guidelines for the intervention fund created to cushion the effects of the COVID-19 pandemic.
CBN Governor Godwin Emefiele, made this known at a media interactive programme in Lagos at the weekend, said the resounding success of the scheme and its positive impact on output growth, has prompted the apex bank to double the fund to N300 billion.
The second phase of N150 billion is to kickoff at yet to be announced date with each qualified household expected to access a maximum of N3 million at five to nine per cent interest rate depending on the loan purpose.
Emefiele, who was represented by Deputy Governor, Corporate Services, Edward Lametek, said the move to accommodate more beneficiaries and boost consumer expenditure would stimulate the economy.
“Given the impact on COVID-19 on key economic variables earlier mentioned, the fiscal and monetary authorities took unprecedented measures to prevent any long-term damage to the growth prospects of our economy,” he said.
