CBN claims N369.78bn distributed to Nigerians since COVID

The Central Bank of Nigeria (CBN) has revealed that it has so far disbursed N369.78 billion to Nigerians since the outbreak of COVID-19.

The money, CBN said, was distributed under its Targeted Credit Facility (TCF) programme in August 2020.

The CBN revealed this in its communique issued after the Monetary Policy Committee meeting on Tuesday.

According to the publication, the disbursement was part of the bank’s effort at supporting Nigerians affected by COVID-19.

The communique reads: “A cumulative disbursement under the TCF stood at N369.78 billion to 777,666 beneficiaries, comprising 648,052 households and 129,614 small businesses.”

Read also: Beneficiaries of CBN COVID-19 loans to receive funds 48 hours after approval

It noted that the cumulative disbursements under the TCF stood at N369.78 billion to 777,666 beneficiaries, comprising 648,052 households and 129,614 small businesses.

CBN also revealed that the last tranche of disbursement was to 35,340 households and 5,181 small businesses.

It noted that N20.29 billion was to 40,521 beneficiaries, comprising 35,340 households and 5,181.

The communique also stated that to further promote entrepreneurship development N293 million has been disbursed to 59 Nigerian youths under the recently introduced Tertiary Institutions Entrepreneurship Scheme (TIES).

TIES is a platform that provides undergraduates and graduates with an opportunity to access cheap loans for their businesses.

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