Governor of Central Bank of Nigeria CBN Mr Godwin Emefiele has revealed that over N149.21 billion has been disbursed to Small and Medium Enterprises SMEs and households across the country under the Targeted Credit Facility TCF.
Emefiele made this known at a virtual seminar organized for Business Editors and Finance correspondents in Lagos and Abuja concurrently during the weekend.
Emefiele, who was represented by the CBN Deputy Governor, Corporate Services, Edward Lametek, added that targeted to assuage the predicaments of households and business owners who have been negatively impacted by the Covid-19 pandemic in order to galvanize economic development as the pandemic lasts.
He also disclosed that the funds have been increased from N150 billion to N300 billion.
According to him, “We initially created an 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.”
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