Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay N261.07bn out of N419.42bn given out.
Daily Trust reports that the facility launched in April 2020 was to cushion the effects of the COVID-19 pandemic on households and SMEs.
In a document released by the CBN, it said the facility led to the creation of 1,585,872 direct and indirect jobs, contributing to Nigeria’s employment landscape.
It added that of the N419.42 billion disbursed, principal repayments amount to about N41.39 billion, with interest repayments standing at approximately N174.60 million.
