50bn disbursement funds to Nigerians would begin tomorrow:CBN

Barring any last – minute change in plans , the disbursement of the first tranche of the Central Bank of Nigeria N50 bn targeted credit facility would begin on Thursday .
The fund, which is being managed by the NIRSAL Microfinance Bank, has received over 80 , 000 applications .
The Managing Director, NIRSAL Microfinance Bank, Mr Abubakar Kure , confirmed the development in a telephone interview with our correspondent .
Kure , who did not provide the amount to be disbursed in the first tranche , said that those whose applications were successful would start receiving their fund on Thursday .

CBN Governor: Godwin Efemele
He said , “But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence . ”
The CBN had introduced the N50 bn Targeted Credit Facility as a stimulus package to support households and Micro , Small and Medium Enterprises affected by the COVID- 19 pandemic .
The N50 bn intervention is being financed from the Micro , Small and Medium Enterprises Development Fund .
In terms of limit , the loan amount would be determined based on the activity , cash flow and industry size of beneficiary , subject to a maximum of N25 m for SMEs .
Households can access a maximum of N3 m while working capital would be a maximum of 25 per cent of the average of the previous three years ’ annual turnover .
Based on the guidelines released by the CBN , those that can benefit from the fund are households with verifiable evidence of livelihood adversely impacted by COVID- 19 ; existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID- 19 pandemic and enterprises with bankable plans .
According to the CBN guidelines, activities covered under the scheme include agricultural value chain ; hospitality ( accommodation and food services); health (pharmaceuticals and medical supplies ); and airline service providers .
Others are manufacturing / value addition ; trading and any other income – generating activities as may be prescribed by the CBN .