Beneficiaries of government-backed microcredit schemes –TradeMoni, MarketMoni and Farmer Moni –will proceed on a three-month loan repayment holiday as succour for the harsh economic conditions induced by the coronavirus plague.
President Muhammadu Buhari, in his address to the nation Sunday evening, announced the much-needed relief in Abuja.
He equally granted similar moratorium to all loan facilities funded by the Federal Government and disbursed by the Bank of Industry, Bank of Agriculture and the Nigeria Export Import Bank.
“For on-lending facilities using capital from international and multilateral development partners, I have directed our development financial institutions to engage these development partners and negotiate concessions to ease the pains of the borrowers,” Mr Buhari said.
He also highlighted the government’s conditional cash transfer scheme. He said the most vulnerable Nigerians would paid for two months going forward.
Plans are equally afoot to deliver two months of food rations to Internally Displaced Persons in the weeks ahead, the president said.