OPEN MENUCLOSE MENU
  • Home
  • NYIF
  • Federal Jobs in Nigeria
  • NYIF News
  • Npower News
  • NASIMS
  • Survival Fund
  • Nigerian Army
  • Nigeria Airforce

Voice of Nigeria

voiceofnigeria.org.ng is the number go-to for making money, grants, fund, loan options and federal government jobs

Advice On CBN Covid-19 Loan.

October 12, 2021 By Amitverain Leave a Comment

Covid-19 has affected many businesses and families in Nigeria, yes, this can not be ignored and therefore the Government of Nigeria by the Financial Institutions in Nigeria added another 50 million naira ($ 120 million) for its Mortgage Plan.

This money is to be disbursed by NIRSAL Microfinance Bank as a loan to micro-small and medium-sized enterprises (MSMEs) as well as households that are affected by the pandemics.

It will attract a 9% annual interest. Many people have received their own and many are about to receive their own.

As you can see this is a loan and that’s why it attracts interest.

There is no way you can run away from paying back because your BVN is attached to your document.

Many have used their own for domestic purposes which is not the government plan for releasing the funds.

Advice

1. Don’t use it to settle debt because when it’s time to pay back you will be in financial problem.

2. As you get it, maintain your normal way of living and invest wisely.

3. Don’t spend the money on unnecessary things, use it to grow your business.

4. Keeping track of how you spend and how you invest it, as financial records show where exactly your money is going.

Click on the following button, to receive notifications on the latest hot gists, trending topics, and breaking news.

Covid-19 Loan Dangers

The Central Bank of Nigeria working together with Nirsal Microfinance Bank started the disbursement of credit facilities to applicants from the first quarter of 2021 as directed by the Federal Government of Nigeria to help mitigate the impact of the coronavirus pandemic on households and MSMEs.

Many people are beneficiaries of this loan scheme, and a lot of people have been joyously smiling to the bank since 2020.

However, Nigerians should not forget that there are some probable dangers associated with the loan.

1. It is a loan and not a grant. It is a debt on you, and not a free gift.

2. If the loan is not invested wisely. You may lose the entire money.

3. Your BVN carries all your details; thus, you cannot run away from the government when it is payback time.

Drop your comment below, like, and share.

Related

FREE REGISTRATION

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search Jobs in Nigeria

Recent Posts

  • Housekeeper Job in Canada ₦8500 an hour with Visa Sponsorship
  • Make ₦100,000 Online | Captcha Typing Jobs in Nigeria Without Investment
  • Apply Market Moni Loan N10,000 to N100,000
  • [Updated] Dollar to Naira Black Market Today Exchange Rate 2023 AbokiFx
  • Submit Your Bank Details on NPC Portal: A Step-by-Step Guide
  • Dollar to Naira Today | Dollar ⇆ Naira Exchange Rate
  • Naira Update: CBN Instructs Banks to Issue New Currency Notes
  • FG Survival Fund 2023 Application (Register For Updates)
  • UK Visa Application Nigeria 2023 Application Open
  • UK Government Invites Nigerian Teachers and Offer Salary N15million

Popular Articles

  • Top 10 Cheapest Countries to Study Abroad
  • 40+ List of Visa Free Countries – Travel Abroad Without Having Visa
  • Canada Visa Lottery
  • Holland Visa Lottery
  • Australia Visa Lottery
  • United Kingdom Visa Lottery
  • US Green Card An A-Z Guide
Copyright © 2020 Voice of Nigeria. All Rights Reserved
Contact   About  Disclaimer  Privacy Policy