CBN’s Targeted Credit Facility for Covid-19 – Fraud or Incompetence?
When the CBN (Central Bank of Nigeria) announced that it was going to be making about N50 billion available as loans to businesses in what it called the "Targeted Credit Facility for Covid-19", a lot of business owners saw it as a lifeline with which to revive their failed or failing businesses.
It's no longer news that most businesses were hard hit by the lock down instituted by different governments as a result of the global pandemic.
When the program was rolled out, it was introduced by Nirsal Micro Finance Bank, the bank that handles most of CBN's public loan programs, as "a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Covid-19 pandemic."
Month's after this program supposedly kicked off, we are wondering how many Niger...