News
Reps Move To Suspend Deductions on COVID-19 loan, Seek Waiver for Vulnerable Homes
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps Move To Suspend Deductions on COVID-19 loan, Seek Waiver for Vulnerable Homes', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/08/house-of-rep.jpg&description=Reps Move To Suspend Deductions on COVID-19 loan, Seek Waiver for Vulnerable Homes', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
By Gloria Ikibah
The House of Representatives has directed the Central Bank of Nigeria (CBN), NIRSAL Microfinance Bank, and the Federal Ministry of Finance, to immediately suspend all deductions on COVID-19 intervention loans, while granting total waiver on the outstanding COVID-19 intervention loans owed by vulnerable households and micro-businesses.
This resolution was sequel to a motion of urgent public importance, by Deputy Chairman Committee on Finance, Rep. Saidu Musa Abdullahi on Wednesday at Plenary.
The House also asked the relevant agencies of government to put into consideration the inability of Nigerians to pay back the loan due to current harsh economic conditions.
It further directed the CBN, NIRSAL Microfinance Bank, and Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to restructure repayment terms for SMEs by extending moratoriums, reducing interest rates, and spreading repayment over longer timelines, in order to safeguard jobs and prevent business collapse.
In his lead debate, Rep. Abdullahi said the Federal Government, through the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank, introduced the COVID-19 Targeted Credit Facility (TCF) during the pandemic, disbursing N419.42 billion to households, micro, small, and medium enterprises to cushion the devastating socioeconomic impact of the global lockdown.
The motion read: “The programme reached 792,936 beneficiaries nationwide; 674,972 households and 117,964 small businesses with women accounting for 45% of beneficiaries (about 330,128 women supported with N159.21 billion).
“The TCF was credited with creating or sustaining about 1,585,872 jobs, underscoring its significant impact on livelihoods and enterprise stability during and after the pandemic.”
He expressed worries that as at September 2023, the sum of N261.07 billion which is about 62 percent of the loans remained unpaid, while N378.03 billion was classified as outstanding reflecting widespread inability to repay among vulnerable households and micro-enterprises.
“Recent CBN surveys show rising default rates across household and enterprise lending in Q4 2024 and Q2 2025, driven by inflation above 24%, severe food insecurity, loss of purchasing power, business closures, and shrinking household incomes.
“Despite the high default figures reported in 2023, substantial recoveries have been made through the unplanned automatic deductions from beneficiaries’ bank accounts between late 2023 and December 2025; This suggests that the current outstanding exposure may be significantly lower and therefore fiscally manageable for a structured waiver.
“The COVID-19 TCF was fundamentally a survival support loan, not a conventional business facility as many households used the funds for essential needs such as food, shelter, healthcare, and school fees during the lockdown, making repayment unrealistic for those who have not recovered economically.
“Nigeria has a strong domestic precedent of leniency in the Anchor Borrowers Programme, where despite its commercial nature and a default rate exceeding 50%, the federal government has repeatedly provided restructuring and partial waivers”, the motion further read.
He further stated that the loan waivers for pandemic-era support align with international best practices; countries such as the United States, Canada, Germany, South Africa, and India forgave or waived significant portions of their COVID-19 relief loans or adopted extended moratoriums, recognising the humanitarian context of the pandemic.
The Deputy Chairman said the continued automatic debits and aggressive recoveries are inflicting severe hardship on vulnerable Nigerians, risking the collapse of small businesses, worsening unemployment, and heightening social instability.
News
Osun Election: Police Release DIG, CP and Emergency Contact Numbers
As preparations intensify for the forthcoming Osun State Governorship Election, the Nigeria Police Force has urged members of the public to promptly report emergencies, security concerns and other election-related incidents through designated contact lines.
The public can reach the police through the following numbers:
📞 DIG Election: 08139235585
📞 CP Election: 08134277587
📞 Control Room: 08108756818
Members of the public who wish to report cases of police misconduct can contact the Complaint Response Unit on:
📞 08057000001
📞 08057000002
📞 08057000003
The police urged residents to remain vigilant, peaceful and law-abiding, stressing that timely reporting of incidents would help security agencies respond effectively and maintain a safe environment before, during and after the election.
Your voice matters. Report promptly. Stay peaceful. Help keep Osun safe.
Major Candidates in Osun Governorship Election
The 2026 Osun State Governorship Election is shaping up as a closely contested race, with 14 candidates on the ballot. However, the contest has largely centred on three major candidates — Governor Ademola Adeleke of the Accord Party, APC candidate Bola Oyebamiji, and ADC candidate Najeem Salaam.
Ademola Adeleke — Accord Party
Ademola Adeleke is seeking re-election for a second term as governor of Osun State.
Adeleke, who won the 2022 governorship election on the platform of the Peoples Democratic Party (PDP), is now contesting under the Accord Party.
His campaign is anchored on his administration’s record in office, with the governor seeking to retain the state’s top political position for another four years.
Bola Oyebamiji — APC
The All Progressives Congress (APC) is represented by Munirudeen Bola Oyebamiji, a former Commissioner for Finance in Osun State and former Managing Director of the National Inland Waterways Authority (NIWA).
Oyebamiji emerged as the APC candidate and is regarded as one of the strongest challengers to Adeleke.
The APC is banking on its political structure and support base across the state to return the party to power in Osun.
Najeem Salaam — ADC
Najeem Salaam, the candidate of the African Democratic Congress (ADC), is another prominent contender in the election.
Salaam is a former Speaker of the Osun State House of Assembly and has considerable political experience in the state.
His candidacy has also attracted attention as the ADC seeks to strengthen its presence in Osun and across the country ahead of the wider political contests leading to the 2027 general elections.
The Three-Way Contest
With the election approaching, the race is increasingly being viewed as a three-way contest involving Adeleke, Oyebamiji and Salaam, although other candidates are also participating.
The election will therefore test the strength of the incumbent governor’s political machinery, the APC’s efforts to reclaim Osun and the ADC’s growing influence in the state’s political landscape.
With voters across the state expected to decide who will govern Osun for the next four years, security, voter turnout, electoral integrity and the ability of the candidates to mobilise supporters peacefully are expected to be critical factors in determining the outcome.
News
Army Opens Application For Short Service Combatant Commission Course 50/2027
The Nigerian Army has opened applications for eligible Nigerians seeking commission into the force under the Short Service Combatant Commission (SSCC) Course 50/2027.
The Army announced the commencement of the recruitment exercise in a statement released on Tuesday, saying the application is open to qualified civilians and serving military personnel who meet the required conditions.
Successful applicants will undergo training and, upon commissioning, serve as SSCC officers in the Combat Arms, including the Infantry and Armour Corps, as well as Combat Support Arms comprising the Artillery, Engineers, Signals and Intelligence Corps.
Prospective applicants are required to visit the official Nigerian Army recruitment portal at nashortservice.army.mil.ng and select the SSCC option.
Applicants are expected to carefully follow the instructions provided on the portal when completing their applications.
The Nigerian Army urged members of the public to disregard any recruitment portal or announcement claiming that applications were opened before the official publication.
The Army also advised prospective applicants to rely only on information published through its official channels.
Applicants and members of the public were further encouraged to watch for official recruitment jingles on television and radio stations following the announcement.
The deadline for applications is Saturday, October 17, 2026.
News
Osun Gov Election: APM Candidate Withdraws, Backs Adeleke
The governorship candidate of the Allied People’s Movement (APM) in the Osun State governorship election, Hon. Adebayo Simon Adewale, has withdrawn from the race and declared his support for the incumbent governor and Accord Party candidate, Senator Ademola Jackson Nurudeen Adeleke.
Adewale announced his decision at a press conference on Thursday, August 13, saying he had reached the decision after deep reflection and extensive consultations with party leaders, supporters and other stakeholders.
He described his withdrawal as a “conscious choice to place the interest of Osun State above personal ambition,” urging members of the APM and his supporters across the state to vote for Adeleke in Saturday’s election.
According to him, the decision was motivated by his conviction that Adeleke deserves another term to consolidate the achievements of his administration.
“Having carefully assessed the situation, I believe Governor Ademola Adeleke deserves another term to consolidate the progress his administration has recorded,” Adewale said.
He added that his decision was not influenced by pressure or personal interest, but was based on what he described as the collective interest of Osun State.
Adewale said politics should ultimately be about serving the people, stressing that his decision was aimed at promoting peace, stability, development and the overall wellbeing of the state.
“Accordingly, I hereby declare my full support for the re-election of His Excellency, Senator Ademola Jackson Nurudeen Adeleke, and I call on all my supporters, members of the Allied People’s Movement, and the good people of Osun State to join me in supporting his re-election,” he said.
The APM candidate also directed members of his party and his supporters to back Adeleke at the polls scheduled for Saturday.
He concluded by calling for unity and a focus on the future of Osun State, saying his decision was taken in the belief that it would best serve the people.
“Politics should always serve the people, and today, I have chosen the path that I believe will best advance peace, stability, development, and the collective interest of our state,” he added.
The development comes less than 48 hours before Osun State voters are expected to elect their next governor.
-
Politics22 hours agoOsun Election : Akpabio, Uzodimma, others arrive Osogbo for APC mega rally
-
Metro23 hours agoKwara Police Arrest Suspected Kidnapper Attempting To Cash Out Ransom At POS Terminal
-
Foreign22 hours agoU.S. Deports 3 Million Foreign Nationals
-
News22 hours agoSad! Medical doctor’s lifeless body found with multiple slashes in Port Harcourt
-
News16 hours agoOsun 2026: CCLCA berates INEC over poor mock accreditation, demands arrest of Fadahunsi
-
Health22 hours ago5 infections you can still get even if you use a condom during sex
-
News11 hours agoIgbere Traditional Rulers Back Deputy Speaker, Kalu’s Bid for Another Term, Describe His Legislative Service as Outstanding
-
Sports22 hours agoCristiano Ronaldo Sends Message To Messi Over Father’s Death
