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The Danger In Misusing CBN Covid-19 Loan.

The Covid-19 Pandemic has affected Nigeria's economy, businesses, and households.

The effect was too much during the lockdown and after, that makes some company lay off their workers and this makes many jobless and be in abject poverty.

Because of this, the Federal Government of Nigeria introduced a Targeted Credit Facility for Micro-Small and Medium-Sized Enterprises (MSMEs) and households to reduce the effect.

This Targeted Credit Facility was a loan to be distributed by the Central Bank of Nigeria through NIRSAL Microfinance Bank to those who apply for it.

It was a loan and not a grant and that's why it attracted a 9% annual interest rate. Many people have received their own and those who have not yet received will get their own sooner or later.

The effect was too much on some families to the extent that they used it to solve their family needs. Whether you're stuck in a cycle of debt or not don't use it to settle the debt.

The aim of the Federal Government of Nigeria is for you to inject it into your business, and Nigeria's Economy and your business will bounce back on track.

Please don't eat your seeds, plant them for them to germinate and yield increase. Your seed is the money. You can't eat your cake and still have it.

If you invest the money in your business, it will yield a return which you will use to pay back. But if you misuse it you will have a problem paying back.

Remember that your BVN was attached to the document you submitted. This will enable the government to track your bank details in case you default in paying back.

You can't run away from the arm of the law, use it wisely.

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Content created and supplied by: JAYRICH (via Opera News )

CBN Covid-19 Federal Government of Nigeria Pandemic Targeted Credit Facility

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