Transparency issues trail FG’s N1tr COVID-19 palliative to private sector

as an assessment conducted by The Guardian showed that most businesses are yet to access the fund initiated over a year ago.

CBN Governor, Godwin Emefiele, during the period had said that the stimulus package was in addition to the regime of incentives contained in a six-point palliative to ameliorate the impact of the COVID-19 pandemic on the Nigerian economy. HOWEVER, the OPS, during a media briefing in June on the state of the economy, alleged that credible information from their members and many businesses across the country had shown very low access to various intervention funds by the apex bank.

The Nigeria Association of Small and Medium Enterprises confirmed it received N50 billion, which it said was grossly inadequate compared to the large number of members in the sector. Organisations, particularly MSMEs, who were able to access the interventions, got them in the form of loans, grants and payroll and equipment support.

He said the requirement that deposit money banks bear all the credit risks associated with disbursement of the funds has been the major drawback in banks’ active participation. He urged that the CBN partners with private sector bodies to ensure that credible and genuine businesses actually benefit from the fund, noting that this would further facilitate regular impact assessment of the fund.

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