Godwin Emefiele, Governor of the Central Bank of Nigeria (CBN), claims that over $3 trillion has been disbursed to families, farmers, and businesses to mitigate the impact of COVID-19.
In an interview with Arise TV during the 2021 Intra-African Trade Fair in Durban, South Africa, Emefiele revealed the news.
In response to accusations that the bank was exceeding its legal authority, he stated that the CBN had been fulfilling complementary roles for the benefit of Nigerians and businesses.
“Between 2020 and now, our data shows that we have disbursed at least N2trillion, almost N3trillion in loans to households, Micro, Small and Medium Enterprises, smallholder farmers, pharmaceuticals and health institutions”, Emefiele disclosed.
The CBN chief added that large agricultural companies and manufacturing companies are also accessing 10 years loan with a two-year moratorium and single-digit rate.
He recalled that when coronavirus struck, President Muhammadu Buhari tasked him and Finance Minister Zainab Ahmed to work together and suggest an immediate response.
Emefiele said Buhari subsequently approved the establishment of the Economic Sustainability Programme (ESP) chaired by Vice President Yemi Osinbajo.
“The central bank played an active part to the extent that the fiscal authorities meant to contribute N500billion and monetary authorities provided almost about N1.5trillion.
“This is not as grant but as loans to support people who were impacted by COVID-19 so they can get their businesses back”, he clarified.