CBN N50BN COVID-19 relief fund – NIRSAL receives 80,000 applicants

CBN N50BN Relief Fund
CBN Covid-19 Relief - sinzuulive
Mr. Abubakar Kure
The CBN Director of Corporate Communications Department, Mr. Isaac Okorafor described reports
from some media that the CBN was charging fee for applications as distractions.
The News Agency of Nigeria (NAN) recalls that CBN had in March announced the release of
N50 billion TCF stimulus package to support households and Micro Small and Medium Enterprises
(MSMEs) affected by COVID-19 pandemic.
The Managing Director of NIRSAL, Mr. Abubakar Kure disclosed at a news conference in Abuja on Tuesday.
He said that out of the number, 40,000 of the applicants that applied for the facility were households.
He said the objective of the facility was to allow firms stay in business and ensure people stayed employed to
reduce the harm on the economy.

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According to him, the disbursement of the fund will commence next week. “The issue of business plan was
a requirement for MSMEs applications as stipulated by CBN guideline.
“At the start of the process, business plans which NIRSAL received from loan applicants were highly
substandard and to ensure high standard and efficient processing, an optional, automated business plan
was provided by a service provider at a highly discounted fee.
“This is to avoid applicants being charged excessively by other consultants and to help people during the
stay at home period and to make the application process easy.
“We got a third-party service provider to enable applicants access the business plan through the internet,”
The managing director said that the management of the bank had later resolved that the business plan
was no longer a mandatory requirement and the third party provision of a business plan was also not
Kure said that the bank would still welcome applications from credible businesses and households affected
with COVID-19 with a view to serious effects.

CBN N50BN Relief Fund– SourcePulse

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