CBN reveals no charges on COVID-19 application loan

The Central Bank of Nigeria (CBN) says the bank does not charge any fee on the COVID-19 loan application; as claimed in false reports circulated on social media.

The CBN’s Director, Corporate Communications Department; Isaac Okorafor said this in a statement in Abuja on Monday, April 13.

Okorafor explained that procedures for accessing the N50 billion Targeted Credit Facility (TCF) stimulus package for households and Micro, Small and Medium Enterprises affected by the pandemic were clearly spelt out.

“The attention of CBN has again been drawn to false reports on the social media circles that loan seekers and owners of small scale businesses who apply for loans provided to cushion the effects of COVID-19 are required to pay a certain amount as application processing fees.

“Members of the public, particularly, households and owners of small scale businesses are therefore advised to disregard any message; requiring them to pay any amount to process their applications.

“Prospective applicants are advised to approach NIRSAL Micro Finance Bank or the CBN branch nearest to them for clarification on the procedure for accessing any of the bank’s related loans.

“Any observed irregularities should be reported to the Consumer Protection department of the CBN via or call 07002255226” he stated.

Meanwhile, Reno Omokri, a former aide to ex-President Goodluck Jonathan, has issued a warning to the Federal Government; over the possibility of a social uprising amongst the populace.

Omokri explained that this is due to the lopsided nature of sharing the COVID-19 palliatives provided by the FG.

This was contained in a tweet via his Twitter page on Sunday, April 11; stating the government’s cash transfer to the ‘poorest of the poor’ in the country was lopsided.

He also alleged that only twelve percent of the cash had gone to the entire South; while eighty-eight percent remained in the Northern part of the country.

Omokri also noted that the COVID-19 lockdown was more enforced in the South than in the North.


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