ABUJA — House of Representatives don direct Central Bank of Nigeria (CBN), NIRSAL Microfinance Bank and Federal Ministry of Finance make dem stop every COVID-19 intervention loan deduction sharp-sharp. Dem still talk make government give full waiver for money wey poor households and small businesses never fit pay back.
The motion come from Saidu Musa Abdullahi, Deputy Chair for House Committee on Finance. He talk say the kind economic wahala wey dey now don make plenty Nigerians no get strength to pay back the COVID-19 loan again.
House come still mandate CBN, NIRSAL and SMEDAN make dem rearrange payment plan for SMEs. Dis one include giving more moratorium, reduce interest rate and spread repayment over long time so that jobs no go loss and business no go close.
Abdullahi remind lawmakers say the COVID-19 Targeted Credit Facility share ₦419.42 billion give 792,936 beneficiaries for the whole country — 674,972 households and 117,964 small businesses. Women sef collect 45% of the support. The program help create or keep 1,585,872 jobs.
But repayment wahala still dey. As of September 2023, ₦261.07 billion (about 62%) never come back. ₦378.03 billion still dey as outstanding. Even though recent automatic deductions recover small money, plenty people still dey suffer.
He explain say the loan na survival loan, no be normal business credit. Plenty people use am buy food, pay school fees, treat sickness and sort shelter matter during the pandemic. Because economy never balance, many people no fit pay back.
Abdullahi talk say other countries wey give COVID-19 support loans — like US, Canada, Germany, South Africa and India — forgive or extend repayment because of the humanitarian impact. Even for Nigeria, Anchor Borrowers Programme don do restructuring and partial waiver many times.
He warn say the “continuous automatic deduction and aggressive recovery dey cause serious hardship, fit kill small businesses, increase unemployment and cause social wahala,” as he beg government make dem act fast to protect vulnerable Nigerians.
