The Buhari Media Organisation (BMO) has described the Federal Government’s Covid-19 Targeted Credit Facility (TCF) as a game-changer on how people view the government’s policies in Nigeria.
In a statement signed by its Chairman, Niyi Akinsiju and Secretary, Cassidy Madueke, BMO said the implementation by the Central Bank of Nigeria (CBN) is proof that the Buhari administration can be trusted to deliver on its promises.
“When the government, through the CBN, announced in March that it was setting aside N50bn under the Targeted Credit Facility plan as a stimulus package for households and small businesses impacted by Covid-19, naysayers dismissed it as meaningless.
“But it is gratifying that after only a few months of the scheme, there have been testimonies online and offline from beneficiaries who have collected loans ranging from N500,000 to as high as N5m without guarantors.
“We invite Nigerians to note that one common trend in the testimonies is the absence of what is known in this part of the world as ‘man know man’, or the elitist approach of insider abuse.
“This equitable access to government funding is a far cry from what Nigerians were used to, either in fund management or disbursement, and not surprisingly, more people, according to the CBN, are showing interest in the TCF.
“It is also worthy to note that the apex bank ensured that the accounts of all successful household and SME applicants were credited within 48 hours without having to visit any government office”, the group said.
It added that the N50bn TCF is just one of several initiatives under the government’s N3.5 trillion stimulus package to refloat the economy in the midst of the global Covid-19 crisis.
BMO said part of the stimulus package is the N1.5 trillion InfraCo project for building critical infrastructure, and the N1.5 trillion loan to boost local manufacturing and production across critical sectors and reduce importation as a way of creating more jobs for people directly affected by the Covid-19 induced crisis
“We have to reiterate that the Central Bank has also earmarked N432bn to fund the value chains of nine commodities in the 2020 wet season farming. No fewer than 1.1 million farmers are expected to benefit from this initiative under the Anchors Borrowers Programme (ABP) which has boosted local food production.
“And judging from what was done with the TCF, we are convinced that the other aspects of the six-point palliatives to ameliorate the impact of coronavirus on the Nigerian economy will be equally successful and will go a long way in refloating the economy”.
It assured Nigerians that the transparency and trust seen in the disbursement of TCF will also be on display in the choice of beneficiaries of the N-Power scheme.