COVID-19: CBN Disburses N3.5tr Intervention Funds

By Our Reporter

The Central Bank of Nigeria (CBN) had disbursed N3.5 trillion to different sectors of the economy to cushion the effects of the Coronavirus pandemic.

It will also contribute N1.8 trillion into the N2.30 trillion Federal Government’s one-year Economic Sustainability Plan (ESP) through its Participating Financial Institutions (PFIs).

CBN Governor Godwin Emefiele stated this on Tuesday after the Monetary Policy Committee (MPC) meeting in Abuja.

Emefiele gave a breakdown of who got what out of the N3.5 trillion COVID-19 intervention as follows: Real Sector (N216.87 billion); COVID-19 Targeted Credit Facility (N73.69 billion); Agri-Business/Small and Medium Enterprise Investment Scheme (N54.66 billion); Pharmaceutical and Health Care Support (N44.47 billion); and Creative Industry Financing (N2.93 billion).

Under the Real Sector Funds, Emefiele said: “a total of 87 projects that include 53 manufacturing, 21 agriculture and 13 service projects were funded.

He added: “In the health care sector, 41 projects which include 16 pharmaceuticals and 25 hospital and health care services were funded.”

The CBN boss also said: “Under the Targeted Credit Facility, 120,074 applicants received financial support for investment capital.

“The AGSMEIS intervention has been extended to a total of 14,638 applicants, while 250 Small and Medium Enterprises (SMEs), predominantly the youth, have benefited from the Creative Industry Financing Initiative.”

Emefiele said in addition to  the  initiatives, the   apex bank “is set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the one year  ESP, through its various financing interventions using the  PFIs.”