The Federal Government through the Central Bank of Nigeria (CBN) and the Federal Ministry of Finance, Budget, and National Planning some months back announced some monetary and fiscal measures to help mitigate the impact of the coronavirus pandemic on the economy, Nigerian businesses, and households.
The CBN on its own, through various circulars and pronouncements, has announced some stimulus packages that will impact different sectors like the health sector, Micro Small and Medium Enterprises (MSMEs), manufacturers, households, and so on.
With the introduction of the Scheme, the CBN intends to:
i. Cushion the adverse effects of COVID-19 on households and MSMEs;
ii. Support households and MSMEs whose economic activities have been significantly disrupted by COVID-19; and
iii. Stimulate credit to MSMEs to expand their productive capacity through equipment upgrade, and research and development.
This Scheme covers agricultural value chain activities, hospitality (accommodation and food services), health (pharmaceuticals and medicals supplies), airline service providers, manufacturing/value addition, trading and any other income generating activities as may be prescribed by the CBN.
Today the CBN officially announced on there Twitter handle that all successful Household and SME applicants who have submitted their account details for the CBN N50bn COVID-19 Targeted Credit Facility should expect their accounts to be credited within 48 hours of such submission, otherwise they should call 09010026900
So if you belong to this categories of people you should keep your details active.
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