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N100bn health intervention fund to last till 2030 —CBN

Nigeria’s external reserves drop by $1bn in 5 weeks

The Central Bank of Nigeria (CBN) has announced that the N100 billion health intervention fund earmarked for tackling the COVID-19 crisis will terminate in 2030.

“The exit date of this intervention is December 31, 2030,” said Godwin Emefiele, the CBN chief at the unveiling of the guidelines for the programme.

Read also: Debt servicing gulped N3.6bn of states’ revenue in January —FAAC

Beneficiaries of the credit scheme are entitled to 5% interest rate, which will cease on 28th February 2021, after which it will be upped to 9%.

The CBN said “the broad objectives of the scheme include: reduction of health tourism to conserve foreign exchange; providing long-term, low cost finance for healthcare infrastructure development that would lead to the evolvement of world-class healthcare facilities in the country; improving access to affordable credit by indigenous pharmaceutical companies to expand their operations and comply with the World Health Organization’s Good Manufacturing Practices (WHO GMP); and supporting the provision of shared services through one-stop healthcare solution to enhance competition and reduce the cost of healthcare delivery in the country.”

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