In a bid to alleviate poverty, the Federal Government has revealed that household businesses affected by the Covid-19 pandemic can now apply for loans.
This was revealed by the Central Bank of Nigeria, adding that the Covid-19 loan is under the N50bn Targeted Credit Facility.
According to reports, CBN made it known that the stimulus package was to support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic, adding that beneficiaries could access up to N25m.
Disclosing this in a tweet on Monday by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending Microfinance Bank, the NIRSAL microfinance bank stated that interested households and businesses could apply via link posted in the tweet.
The bank further explained that the Covid-19 pandemic has led to the downfall of economy and businesses, adding that this has caused disruptions to global supply chains, sharp drop in global crude oil prices, turmoil in global stock and financial markets, among others.
The bank also revealed that these outcomes has dire consequences on business activities, and households, and hence is the need for the loan.