N44.62bn Covid-19 intervention funds was disbursed to households, says CBN

THE Central Bank of Nigeria has said as of the end of November, the sum of N44.62bn has been distributed to households as intervention funds to cushion hardships resulting from the Covid-19 pandemic.

According to its monthly economic report, the CBN said the figure rose from N35.43bn as of July.

The report read in part, “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 apex bank also stated that the Federal Government initiated a Special Grant Project for rural women in October 2020, which was directed at empowering over 700,000 women with a grant of N20,000 each in order to reduce the effect of the COVID-19 pandemic on households in rural areas.

It added that the grant started 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 the access of beneficiaries 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.

Also, it added that, through the Ministry of Youth and Sports Development, the Federal Government launched the Digital Skill Acquisition, Employability, Entrepreneurship, and Leadership initiative to boost youth development and reduce the country’s growing youth unemployment.