From all indications, Central Bank of Nigeria (CBN) Governor, Mr Godwin Emefiele, on Tuesday said between N2-3 trillion has been disbursed as loans with single digit interest rate and two-year moratorium to households, Micro Small and Medium Enterprises and big companies from 2020 till date; to enable them recover from the decapitating effects of the COVID-19 pestilence.
Emefiele made the disclosure in a monitored Arise television interview held on the sidelines of the ongoing intra-Africa trade fair in Durban, South Africa.
According to him, as Nigeria recorded the outbreak of the pandemic early last year, President Muhammadu Buhari summoned him and the Finance Minister, Mrs Zainab Ahmed, to immediately develop a blueprint to manage the economy as the COVID-19 pandemic disrupted global supply chains.
He further explained that the fiscal wing was to provide N500 billion while the monetary wing was to come up with N1.5 trillion at the first instance.
The CBN Governor, however, said that the intervention loans were later scaled up as demand ballooned such that close to N3 trillion has been disbursed as loans and not grants as some Nigerians erroneously believe.
He stated: “We’ve disbursed about N3 trillion loans from last year to this year. Manufacturing sector, farmers, households and others who could not get loans before now got at a single digit interest rate and two-year moratorium. We have records to show we have played our part and I’m not saying that the fiscal authorities have not played their part.
“The loans were not meant for players in the fiscal space to share. There is no problem with the fiscal authorities.
