• About
  • Contact Us
Tuesday, January 31, 2023
The Gist Day
No Result
View All Result
  • Login
  • News
    • All
    • National
    FG To Spend N854.8bn For Pensions In 2023

    No Government Can Solve All Problems- Buhari

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    FG Establishes Additional Passport Office In Lagos

    FG Establishes Additional Passport Office In Lagos

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
  • News
    • All
    • National
    FG To Spend N854.8bn For Pensions In 2023

    No Government Can Solve All Problems- Buhari

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Nigeria’s Economic Growth To Hit 3.2%, Says IMF

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

    FG Establishes Additional Passport Office In Lagos

    FG Establishes Additional Passport Office In Lagos

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Angry Mob Throw Stones At Buhari’s Convoy In Kano

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Debts Upon Debts! Supreme Court Rules Against Honeywell Flour, As Firm Struggles With N67.02bn Loans

    Trending Tags

    • Commentary
    • Featured
    • Event
    • Editorial
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel
No Result
View All Result
Morning News
No Result
View All Result
Home Business

CBN Launches 50 Billion Economic Stimulus Package, Here’s How To Apply

Emmanuel Onminyi by Emmanuel Onminyi
March 31, 2020
in Business, Coronavirus, Health, National, News
0
CBN Launches 50 Billion Economic Stimulus Package, Here’s How To Apply
0
SHARES
73
VIEWS
Share on FacebookShare on Twitter

The Central Bank of Nigeria, CBN, has introduced a stimulus package to support households and Micro, Small and Medium Enterprises (MSMEs) affected by the Coronavirus (COVID-19) pandemic.

READ ALSO: CBN Indefinitely Suspends Clearance Of Cheques

READ ALSO

No Government Can Solve All Problems- Buhari

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

According to findings, the initiative, tagged Targeted Credit Facility, TCF, is aimed at providing support to Nigerians in the face of the difficulty posed by the outbreak of the virus which has afflicted many people and resulted in the death of several others globally.

Recently, the federal government led by President Muhammadu Buhari, announced that Abuja, Lagos, and Ogun states will be on lockdown due to the rampaging scourge which has been increasing on a daily basis.

The apex bank, as a result of the difficulty posed to Nigerians by this directive, announced that the 50 billion Naira stimulus package can be accessed by 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.

According to information obtained on the official website of a national microfinance bank, NIRSAL, the CBN also stated that enterprises with bankable plans to take advantage of opportunities arising from the COVID-19 pandemic can access the credit facility.

Reeling out the application process, the bank noted that interested applicants can submit applications directly to NMFB with clear evidence of the opportunity or adverse impact as a result of COVID-19 pandemic. Applications are then reviewed by the CBN for disbursement of funds.

According to CBN, the interest rate, under the intervention is 5% p.a. (all inclusive) up to 28th February 2021 and thereafter, the interest on the facility will revert to 9% p.a. (all inclusive) as from 1st March 2021.

The CBN added that the working capital will be for a maximum period of one year, with no option for rollover, while term loans have a maximum tenor of not more than 3 years with, at least, one-year moratorium.

Announcing how much applicants can be accessed the apex bank said loan amount to SMEs shall be determined based on the activity, cashflow and industry/segment size of beneficiary, subject to a maximum of N25 million, while working capital shall be a maximum of 25% of the average of the previous 3 years’ annual turnover.

Tags: CBNCoronavirusNIRSAL

Related Posts

FG To Spend N854.8bn For Pensions In 2023
National

No Government Can Solve All Problems- Buhari

January 31, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022
Business

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

January 31, 2023
Nigeria’s Economic Growth To Hit 3.2%, Says IMF
Economy

Nigeria’s Economic Growth To Hit 3.2%, Says IMF

January 31, 2023
9 Home Remedies To Help Treat Hemorrhoids (Piles)
Health

9 Home Remedies To Help Treat Hemorrhoids (Piles)

January 31, 2023
Diezani Alison-Madueke files lawsuit seeking to recover her seized assets
National

Diezani Alison-Madueke files lawsuit seeking to recover her seized assets

January 31, 2023
FG Establishes Additional Passport Office In Lagos
National

FG Establishes Additional Passport Office In Lagos

January 31, 2023

glo
app




app
GTBank ADs GTBank ADs GTBank ADs

LATEST NEWS

Tambuwal Calls For Godwin Emefiele’s Resignation

CBN Extends Deadline For Old Naira Notes

January 29, 2023
9 Home Remedies To Help Treat Hemorrhoids (Piles)

9 Home Remedies To Help Treat Hemorrhoids (Piles)

January 31, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 31st January 2023

January 31, 2023
AMAA founder Peace Anyiam-Osigwe has passed away

Funeral arrangement for AMAA founder Peace Anyiam-Osigwe released

January 31, 2023
Dollar To Naira Black Market Exchange Rate Today 23rd December 2022

Dollar To Naira Black Market Exchange Rate Today 30th January 2023

January 30, 2023

EDITOR'S PICK

80 Million Nigerians At Risk Of Job Loss In 2030 – World Bank

Nigeria Misses 2022 Poverty Reduction Target – W’Bank

December 27, 2022
Reactions As Banky W Signs Whitemoney To Record Label

Reactions As Banky W Signs Whitemoney To Record Label

September 21, 2022
Nigeria ASUU Strike

Institutions Pull Out Of ASUU As Strike Lingers

August 30, 2022
Nicki Minaj Announces She’s Pregnant With First Child

Nicki Minaj reportedly welcomes 1st child with husband Kenneth Petty

October 2, 2020

About

We bring you the stories that perfect for news, finance, politics etc. Check our landing page for details.

Follow us

Categories

  • A Call to Prayer
  • Agriculture
  • Appointments
  • Business
  • Celebrities
  • Coronavirus
  • Corporate Amazon
  • Economy
  • Education
  • Entertainment
  • Environment
  • Fashion
  • Financial Literacy
  • From the Kaaba
  • From the Pulpit
  • Gist & Jabs
  • Health
  • Jobmart
  • Lifestyle
  • Living
  • Metro Gist
  • National
  • News
  • Op-Ed
  • Opinion
  • Politics
  • Press Release
  • Religion
  • Sport
  • State News
  • Tech
  • Tourism
  • Travel
  • Uncategorized
  • World News

Recent Posts

  • ‘BBTitans’: Yaya confronts Mmeli for sleeping with Nelisa then avoiding her
  • IVD charged with involuntary manslaughter, allegedly remanded in Kirikiri prison
  • No Government Can Solve All Problems- Buhari
  • Dollar To Naira Black Market Exchange Rate Today 31st January 2023
  • Disclaimer
  • Google Adsense
  • Home 2
  • Ikoyi building collapse: Corper who redeployed from Borno to Lagos, confirmed dead
  • Leaked Conversation: There Will Know Peace Until Hope Uzodimma Leaves Government House – Emeka Ihedioha
  • MAN Condemns Invasion Of Dangote Cement Plant By Kogi State Govt
  • Privacy Policy
  • Sample Page
  • TheGistDay
  • Whitemoney And New Lady Spotted Stepping Out Of Hotel Together (Video)

© 2022 TheGistDay.

No Result
View All Result
  • News
  • Business
  • National
  • Politics
  • Opinion
  • Coronavirus
  • Tech
  • Gist & Jabs
  • Lifestyle
  • Entertainment
  • Health
  • Travel

© 2022 TheGistDay.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In