CBN distributes funds worth N107.45bn to aid individuals and organizations during this lockdown period

7 months ago 145

The Central Bank of Nigeria’s COVID-19 intervention funds which is worth N1.5 trillion has released funds worth approximately N107.45 billion to up to 6,000 beneficiaries as loans within the last 90 days, those that benefitted from the loans comprise of individuals and organizations. The fund intervention program comprises of N100 billion which is for the health sector, N1 trillion which was dedicated to agriculture and manufacturing firms, and N50 million for credit facilities and household SME’s.

N10.15 billion out of the N100 billion allocated to the health sector, has been approved for sponsoring of some projects for the establishment of advanced diagnostic and health centers and the expansion of pharmaceutical plants for drug administration, while N93.2bn out of the agricultural and manufacturing company funds has been injected to boost local manufacturing and production, which includes over 44 Greenfield and Brownfield projects, the CBN also approved N10.9bn out of the N50bn allocated to credit facilities and SME’s to be dispatched to 14,331 beneficiaries of which 4.1bn has been successfully released to 5,868 beneficiaries.