THE disbursement of N50billion Covid-19 credit facility approved by the government for small and medium enterprises has begun according to information By the Central Bank of Nigeria (CBN).
However, many are condemning the action stating that there was no adequate publicity to the public for the scheme prior to the disbursement and insinuate foul plays that government officials may have registered their relatives and associates.
In a statement on Monday, the apex bank directed all the applicants that submitted their account details to expect their accounts to be credited within 48 hours of such submission.
“All successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900”, the apex bank stated.
By the intervention, CBN has a N50 Billion Targeted Credit Facility at five percent (5%) interest per annum for households and small businesses affected by Covid-19 pandemic.
The advantage of the loan according to the apex bank is to resuscitate affected small businesses to keep running.