CBN’s N50bn Coronavirus Fund Disbursement Begins On Thursday

Information reaching GQBuzz can confirm that CBN will begin the disbursement of the N50bn coronavirus relief fund on Thursday, April 22, 2020.

The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80,000 applications.

The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure, confirmed the development in a telephone interview with our correspondent.

Kure, who did not provide the amount to be disbursed in the first tranche, said that those whose applications were successful would start receiving their fund on Thursday.

He said, “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.”

The CBN had introduced the N50bn Targeted Credit Facility as a stimulus package to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

The N50bn intervention is being financed from the Micro, Small and Medium Enterprises Development Fund.

In terms of limit, the loan amount would be determined based on the activity, cash flow and industry size of beneficiary, subject to a maximum of N25m for SMEs.

Households can access a maximum of N3m while working capital would be a maximum of 25 per cent of the average of the previous three years’ annual turnover