Nigeria’s biggest bank, the Central bank of Nigeria (CBN), said that it had disbursed a total of N2 trillion to mitigate the impact of the COVID-19 pandemic as of January 2021.
This assertion was made in the Communiqué No. 134 of the Monetary Policy Committee meeting that held on January 25 and 26.
“In light of the on-going synchronized efforts by the monetary and fiscal authorities to mitigate the impact of the COVID-19 pandemic, the Bank has committed a substantial amount of money towards this objective,” it said.
“Total disbursements as of January 2021 amounted to N2.0 trillion.”
Breaking down the amount spent into bits, the bank stated, “COVID-19 Targeted Credit Facility (TCF) meant for household and small businesses, wherein we have disbursed N192.64 billion to 426,016 beneficiaries.
“We have also disbursed N106.96 billion to 27,956 beneficiaries under the AgriBusiness Small and Medium Enterprises Investment Scheme (AGSMEIS), while in the Health Care Support Intervention Facility, we have disbursed N72.96 billion to 73 project that comprise 26 pharmaceutical projects and 47 Hospitals and Health Care Services Project in the country.”
The Bank also claimed that the sums of N3.12 billion and N268 million were given to 715 beneficiaries through the Creative Industry Financing Initiative and Nigerian Youth Investment Fund.
They also provided N18.58 billion for the procurement of 347,853 electricity reading meters to Distribution Companies in support of the National Mass Metering Programme