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Central Bank Of Nigeria Demands N10,000 From Small Business

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The Central Bank of Nigeria, through its agency, NIRSAL Microfinance Bank, is demanding a N10,000 fee from small business owners impacted by COVID-19 as a prerequisite for accessing intervention loans.

The CBN had announced in March that it would give a N50bn Targeted Credit Facility to households and small businesses affected by Coronavirus.

Those eligible, according to the apex bank, must prove that their livelihood and business operations have been adversely affected by the spread of the virus.

Businesses eligible for the scheme are agricultural value chain activities, hospitality, health (pharmaceuticals and medical supplies), airline service providers, manufacturing and value addition, and trading.

The maximum amount to be received depending on proof of cash flow of investment size is N25m while households can access N3m with an interest rate of five per cent per annum for a maximum period of one year.

However, the designated administrator for the facility, NISRAL Microfinance Bank, has insisted that in order to process loan applications of struggling small businesses, applicants have to pay N10,000.

 

NISRAL in email to applicants insisted that payment of the compulsory fee for a “business plan link” was the only way it would review applications of businesses in dire need of support

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Atiku speaks on presidential election 2023.

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Atiku Abubakar has reacted to the claims by the All Progressives Congress (APC) which accused him of making plans to get the presidential ticket of the Peoples Democratic Party (PDP) ahead of the 2023 election.

The former vice-president on Thursday, November 26, said he has not initiated discussions with anyone about contesting the next presidential election, The Nation reported. Atiku in a statement through media aide, Paul Ibe, told the ruling party to focus on tackling the mounting problems it has created instead of verbally attacking him. He said the living condition of Nigerians have worsened under the APC government because the party has been focusing more on playing petty politics than on actual governance

Atiku said:

“It is evident that the APC has failed woefully on all the major issues it campaigned against the PDP in 2015 from poverty to insecurity; joblessness and high cost of living; national unity to bad foreign image; human rights abuse to economic recessions – issues which if the APC was a serious political party, should be dispensing its energy in resolving.”
He accused the ruling party of being more interested in increasing its membership while more important issues in the country were being ignored. Atiku stated that he has preoccupied himself with providing solutions to the problems the APC has caused for the country. Meanwhile, following the recent defections that hit the PDP, Dr. Ahmad Lawan, the Senate president has explained why the APC will continue to harvest more defectors.

The Nation reported that Lawan explained that President Muhammadu Buhari-led administration was starting to get appreciated by the people.

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