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CBN Set to Recover COVID-19 Intervention Loans

September 18, 2023 • 1 min read

The Central Bank of Nigeria (CBN) is set to recover loans granted some categories of Nigerians to ameliorate harsh socio-economic realities of the COVID-19 Pandemic which broke out in the first quarter of 2020.

Some beneficiaries of the facility, however, expressed concern about the manner of recovery.

A beneficiary, Fatimah Alli, said that the sudden move to recover her N500,000 COVID-19 loan had worsened her financial challenges, saying, “I got a loan of N500,000 in 2020 to cushion the effect economic effect of COVID-19. But at that time we were assured that we will not be required to repay the money.

“But recently, all the money in my bank account were removed by the CBN as part of the loan recovery drive.

Another beneficiary of the TCF, Abbas Sule, also complained about arbitrary loan deductions from his bank account.

“When I was granted the loan facility in 2020, the bank official that processed the release through NIRSAL Microfinance Bank (NMFB) got a commission of N50,000, and I was paid N450,000.

“Now they want me to repay N500,000. That is not fair,” he said.