The Central Bank of Nigeria (CBN) has said that households and businesses affected by the COVID-19 can now apply for loans under its N50bn Targeted Credit Facility.
It said the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m.
This was disclosed in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank.
The NIRSAL microfinance bank stated that interested households and businesses could apply via link posted in the tweet.
On the concept of the TCF, the bank explained that the COVID-19 pandemic had led to unprecedented disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, among others.
It said these outcomes had had severe consequences on households’ livelihoods and business activities, resulting from drop in global demand, declined consumer confidence and slowdown in production.