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Nigeria Households Get N44.62bn COVID-19 Intervention Funds

Nigeria Households got N44.62bn intervention funds to alleviate hardships from COVID-19 as of the end of November according to figures obtained from the Central Bank of Nigeria.

The CBN disclosed that the figure rose from N35.43bn as of July, according to its monthly economic report.

Part of the report read, “The bank continued with its intervention schemes in the economy to enhance credit delivery, bolster productivity and growth, as well as to cushion the effect of the prevailing demand and supply shocks.

“The drive to ease access to credit is yielding the desired results, as the volume and amount of loans disbursed to households increased.

“Also, disbursements by NIRSAL Microfinance Bank to Small and Medium Enterprises increased in both amount and number of loans.

“Total disbursement to households stood at N44.62bn as of November 12, 2020, compared with N35.43bn at July 1, 2020 in response to the increased demand for investable funds by households to combat the impact of COVID-19 pandemic.

“Similarly, total disbursement to SMEs stood at N30.90bn as of 12th November 2020, compared with N11.4bn of 1st July 2020 in response to the increased demand for investable funds by businesses to increase output and cushion the impact of COVID-19 pandemic.”

The CBN stated that in October 2020, the Federal Government initiated a Special Grant Project for rural women with a target of empowering over 700,000 women with a grant of N20,000 each to cushion the effects of the COVID-19 pandemic on rural households.

Consequently, it added, the disbursement of the grant commenced with disbursement to over 150,000 poor rural women across the 36 states of the federation and the Federal Capital Territory.

The grant was expected to increase beneficiaries’ access to the financial capital required for economic activities in targeted areas, and contribute towards improving living standards by providing opportunity for the beneficiaries to increase income levels and enhance food security.

In addition, it added, the Federal Government, through the Ministry of Youth and Sports Development, launched the Digital Skill Acquisition, Employability, Entrepreneurship, and Leadership initiative to boost youth development and reduce youth unemployment in the country.

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