• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Beneficiaries worry over CBN’s effort to recover COVID-19 intervention loans

CBN

The Matters Press by The Matters Press
September 16, 2023
Reading Time: 2 mins read
0
Consumer commission, CBN, EFCC investigate violations in money lending

Abuja, Sept. 16, 2023: The Central Bank of Nigeria (CBN) is presently engaged in efforts to recover loans it granted some categories of Nigerians to ameliorate harsh socio-economic realities.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The loan initiative involved is the Targeted Credit Facilities (TCF), granted to some Nigerians in 2020 to cushion the economic effect of COVID-19.

Some beneficiaries of the facility, however, expressed concern about the manner of recovery.

A beneficiary, Fatimah Alli, said that the sudden move to recover her N500,000 Covid-19 loan had worsened her financial challenges.

“I got a loan of N500,000 in 2020, to cushion the effect economic effect of COVID-19. But at that time we were assured that we will not be required to repay the money.

“But recently, all the money in my bank account were removed by the CBN, as part of the loan recovery drive,” she said.

Another beneficiary of the TCF, Abbas Sule, also complained about arbitrary loan deductions from his bank account.

“When I was granted the loan facility in 2020, the bank official that processed the release through NIRSAL Microfinance Bank (NMFB) got a commission of N50, 000, and I was paid N450,000.

“Now they want me to refund N500,000, that is not fair, ” he said.

NAN reports that NMFB recently called for the repayment of COVID-19 loans given to households and businesses across the country.

The CBN had, in March 2020, introduced the N50 billion TCF to support households and micro, small and medium-sized enterprises (MSMEs) that have been particularly hit hard by COVID-19.

The loans were disbursed to beneficiaries by NIRSAL, an entity owned by CBN, at an interest rate of five percent with a moratorium period that lasts till February 28, 2021.

At the expiration of the moratorium, the interest rate of the facility reverts to nine per cent from March 1, 2021.

According to NMFB in Its official twitter handle, we have played our part. It is now your turn.

The MFB revealed that it had given out loans worth N503 billion to over 881,081 Nigerians and businesses to cushion the effects of the pandemic.

It urged beneficiaries to take steps to repay the loans, as they were not given as grants.

“You are expected to visit the nearest NIRSAL branch to obtain a loan repayment schedule.

You must ensure that your loan account is always funded,” it said.

Tags: CBN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Intimidation, cyber-bullying by loan sharks

Low recovery of anchor borrowers’ loans worrying

We have nothing to hide – NNPC

NNPC, Indorama sign 800mscf gas supply, industrialisation agreement

Recommended Stories

5G network for launch 2020

Nigeria rated 11th in internet penetration globally- Danbatta

August 24, 2023
Unity Bank posts N27.6bn gross earnings

Unity Bank posts N27.6bn gross earnings

July 30, 2022
22 African nations in debt crisis

Coalition urges World Bank, IMF to reduce interest rates to end debt, food crisis

October 13, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us