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Wednesday, September 27, 2023

NIRSAL MFB Disburses 98% of N50bn Fund to 92,000 Beneficiaries

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The special N50 billion intervention set up by the Central Bank of Nigeria (CBN), under the auspices of the NIRSAL Micro Finance Bank (Mfb) has managed to disburse 98 percent of the fund to about 92,000 beneficiaries.

This was disclosed by the Monetary Policy Committee (MPC) of the CBN following the meeting held on Monday July 20.

The Committee recognized the supportive developmental roles of the CBN towards addressing some of these structural issues.

The MPC specifically expressed optimism on the future impact of the NIRSAL MFB, N50 billion Household and SME facility, out of which N49.195 billion has been disbursed, to over 92,000 beneficiaries, the N100 billion healthcare and N1.0 trillion manufacturing and agricultural interventions to support the rebound in growth from the impacts of the pandemic on the economy.

The Committee further commended the CBN coordinated CA-COVID – Private sector intervention scheme – which had mobilized over N32 billion to support the economy, lives and livelihoods.

The Committee noted that the CBN had disbursed over N152.9 billion to the manufacturing sector to finance 61 manufacturing projects and another N93.6 billion to the Healthcare sector, amongst many other sector-specific facilities.

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