FG disbursed N2tr to mitigate COVID-19 impact – Emefiele

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GOVERNOR Central Bank of Nigeria (CBN), Godwin Emefiele, has disclosed that the synchronised efforts by monetary and fiscal authorities to mitigate the impact of the COVID-19 pandemic have led to the disbursement of N2 trillion as of January this year.

Emefiele made the disclosure at the end of the first Monetary Policy Committee meeting of this year.

He revealed that N192.64 billion had been disbursed to 426,016 beneficiaries of the COVID-19 Targeted Credit Facility (TCF) meant for household and small businesses.

“We have also disbursed N106.96 billion to 27,956 beneficiaries under the Agri-Business Small and Medium Enterprises Investment Scheme (AGSMEIS), while in the Health Care Support Intervention Facility, we have disbursed N72.96 billion to 73 project that comprise 26 pharmaceutical projects and 47 hospitals and health care services project in the country.

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“To support the provision of employment opportunities for the Nigerian youth, the Central Bank of Nigeria also provided financial support through the Creative Industry Financing Initiative and Nigerian Youth Investment Fund amounting to N3.12 billion with 320 beneficiaries and N268 million with 395 beneficiaries, respectively. On enhancing power supply, the bank has so far, provided N18.58 billion for the procurement of 347,853 electricity reading meters to Discos in support of the National Mass Metering Programme,” the CBN governor said.

Meanwhile, Emefiele, has cautioned the federal government against a second shutdown as the spike in the second wave of COVID-19 saying it would be disastrous for the economy.

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“As long as we are seeing a second wave of COVID-19, even in Nigeria, we are trying to convince the government not to adopt a wholesome lockdown because that could be catastrophic on everybody and the economy,” CBN governor, Godwin Emefiele said.

Speaking during a press briefing to announce the outcome of the 2-day meeting of the Monetary Policy Committee of the apex Bank, Emefiele also announced that the Bank’s total financial disbursement under its various interventions amounted to N2trillion as of January 2021.

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