CBN disburses 107.45 billion naira to successful beneficiaries – Nairametrics

the Central Bank of Nigeria (CBN) has so far disbursed the total sum of 107.45 billion naira to beneficiaries of the 1.15 trillion naira Covid-19 pandemic response funds, according to data provided by the bank at the meeting of May 2020 monetary policy.

The Bank announced that under the 100 billion naira health sector fund, 10.15 billion naira has been disbursed and approved for advanced diagnostic facilities and health centers and expansion of pharmaceutical factories. for essential drugs and intravenous fluids.

The Bank has also disbursed 93.2 billion naira under the Real Sector Support Fund to Boost Local Manufacturing, which includes 44 Greenfield and Brownfield projects.

Finally, the Bank approved N10.9 billion to 14,331 beneficiaries under the N50 billion targeted household and SME credit facility, of which N4.1 billion was disbursed to 5,868 beneficiaries. retained.

READ MORE: Nigeria’s fund industry remains resilient to COVID-19 concerns

Central Bank Governor Godwin Emefiele said the bank would also encourage banks to offer and disburse the funds to priority sectors for the economy to aggregate demand and create jobs.

The MPC meeting policy also foresees a sharp decline in output growth in the second quarter of 2020 and possibly the third quarter and expects the economy to return to positive by the fourth quarter if the initiatives of current stimulus are properly implemented.


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