Thursday, June 13, 2024

We’ve spent N3.5 trillion on COVID-19 palliatives: CBN

The government banker says its interventions were largely in the areas of manufacturing, agriculture, electricity and housing.

• November 6, 2020
CBN Godwin Emefiele (credit: Bloomberg)
CBN Governor, Godwin Emefiele (credit: Bloomberg)

The Central Bank of Nigeria says it has disbursed N3.5 trillion to cushion the effect of COVID-19 pandemic on the country’s economy.

The information is contained in a review of the 132nd communique of the Monetary Policy Committee (MPC) meeting obtained from the apex bank’s website. It was signed by Governor Godwin Emefiele.

Mr. Emefiele said that interventions were largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others.

“Recent interventions are largely in the areas of manufacturing, agriculture, electricity and gas, solar power and housing constructions among others.

“Real sector funds, (N216.87 billion); COVID-19 Targeted Credit Facility (TCF), (N73.69 billion); AGSMEIS, (N54.66 billion); Pharmaceutical and Health Care Support Fund, (N44.47 billion); and Creative Industry Financing Initiative (N2.93 billion).

“Under the Real Sector Funds, a total of 87 projects that included 53 Manufacturing, 21 Agriculture and 13 Services projects were funded.

“In the health care sector, 41 projects which included 16 pharmaceuticals and 25 hospital and health care services are funded. Under the Targeted Credit Facility, 120,074 applicants have received financial support for investment capital.

“The agri-business/small and medium enterprise investment scheme (AGSMEIS) intervention has been extended to a total of 14,638 applicants, while 250 SME businesses, predominantly the youths, have benefited from the creative industry financing initiative,’’ he said.

Mr. Emefiele added that the CBN was also set to contribute over N1.8 trillion of the total sum of N2.30 trillion needed for the federal government’s one-year economic sustainability plan (ESP).

He said that the bank’s policy on loan to deposit ratio also resulted in a significant growth in credit to various sectors from N15.57 trillion to N19.33 trillion between May 2019 and August 2020.

“This growth in credit was mainly to manufacturing (N866.27 billion), consumer credit (N527.65 billion), oil and gas (N477.65 billion), agriculture (N287.11 billion) and construction (N270.97 billion),’’ he said. 

(NAN)

We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.

More from Peoples Gazette

Katsina State

Politics

Katsina youths pledge to deliver over 2 million votes to Atiku

“Katsina State is Atiku’s political base because it is his second home.”

REA and FHC Abuja (credit: PT)

Anti-Corruption

Alleged N1.85 Billion Fraud: Court remands two rural electrification officials

After the separate four-count charges were read to them, they pleaded not guilty, and Mr Akponimisingha applied for a trial date.

Chinese car (credit|: CAR MAGAZINE

World

China to digitise vehicle registration licences

China ranks first in the world in terms of the total number of motor vehicles and drivers.

DR Congo violence

Africa

30 killed by ADF rebels in eastern DR Congo

No fewer than 30 people were killed late Wednesday in an overnight attack blamed on Allied Democratic Forces (ADF) rebels.

Alex Otti, Soludo and Uzodimma

States

Twenty-five IPOB-ESN suspects arrested in Abia, Imo, Anambra: DHQ

The Defence Headquarters says troops of Operation UDO KA raided several training camps of the Indigenous People of Biafra (IPOB) and its Eastern Security Network (ESN) in the South-East and apprehended

German Chancellor, Olaf Scholz

World

German state leader demands action from Scholz on migration

The three parties in Mr Scholz’s centre-left coalition performed poorly, managing together less than a third of the vote.

Palm oil, garri, beans and rice

Agriculture

Economic Hardship: Adulterated foods flooding Nigerian markets; palm oil mixed with dye, lard, FG warns

FCCPC has raised the alarm over the increase in adulterated and contaminated foods in the markets.