Nigerian Senators Urges CBN to Annul The COVID-19 N188 billion loan.

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Nigerians were provided credit during the COVID-19 pandemic to ease the challenges brought on by loss of income and revenue to both people and businesses. The recovery of loans made to Nigerians under the Targeted Credit Facility is being sought to be forfeited by the Central Bank of Nigeria and NIRSAL Micro Finance Bank, according to certain lawmakers.

While NIRSAL MFB served as the disbursing agent, the CBN oversaw the facility’s payout. The Senate ad hoc committee looking into the claim of unequal distribution of loans, grants, and interventions in the six geopolitical zones has called NIRSAL MFB to testify. “The money, roughly N188 billion outside, is gone, and we cannot wait until it is retrieved before another cash can be dispersed,” Akinyelure continued.

Countries such as the United States gave their citizens free money about four times for the Covid 19 crisis. So, for this agency to meet its objectives, fresh funds should be released to them.” He further called for continued funding for the NIRSAL MFB for small business owners to access quick and affordable loans without stringent conditions.


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