CBN received over 8m applications for COVID-19 loans

CBN: We received more than 8 million applications for COVID-19 loans

The Central Bank of Nigeria (CBN) claims to have received more than 8 million applications for a COVID-19 mortgage loan (TCF).

Osita Nwanisiobi, CBN’s communications director, announced this during a one-day discussion on setting up a working group and civic group in Enugu province.

This site was launched in 2020. April As funding to support households and small and medium-sized enterprises (SMEs) in COVID-19 affected countries is everywhere.

Apex Bank has updated its application.

According to Nwanisiobi, the TCF has helped Nigeria emerge from the recession and achieved current gross domestic product (GDP) growth of 5.01 percent.

He added that more than 600,000 applicants have so far benefited from various COVID-19 protection programs.

“If you were to say that there are people who still want a COVID-19 site and haven’t received it, honestly, I would agree with you,” Nwanisiobi said.

“We started with about N50 billion. We moved from N100 billion to N300 billion. Today, we are talking about N400 billion. Now the number of applications that we have is over eight million, and we have done over 600,000.

“The governor (Godwin Emefiele) is passionate because he has also seen that what we have done on this issue is also helping Nigerians emerge from the recession and declare the GDP we have, and so he plans to do more.”

Nwanisobi added that CBN has carried out 37 service projects, particularly in agriculture, to boost the economy, reduce funding and create more jobs for young people.

The scheme (TCF) is disbursed through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank (NMFB) and the exit day for this intervention is on December 31, 2024.