Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay ₦261.07bn out of ₦419.42bn given out, according to reports.
The facility was launched in April 2020 under the Muhammadu Buhari-led administration and was aimed at cushioning the effects of the COVID-19 pandemic on households and SMEs.
The facility led to the creation of 1,585,872 direct and indirect jobs, contributing to Nigeria’s employment landscape, according to the document released by the apex bank.
It added that of the ₦419.42 billion disbursed, principal repayments amount to about ₦41.39 billion, with interest repayments standing at approximately ₦174.60 million.
Also, it noted that there is an outstanding amount of roughly ₦378.03 billion, with an overdue amount of ₦261.07 billion, indicating that a large number of beneficiaries have not kept up with their repayment schedules.
Each of the top beneficiaries of the loan got ₦2.5m for the purpose of SME finance but categorised as ‘non-performing’, indicating challenges or failures in repayment, the document revealed.
However, one beneficiary, Centriculture Limited, has been noted as ‘performing’, with a repayment of ₦1m.
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