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Some Nigerians owing CBN N261.07bn COVID -19 loan -Report

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Some Nigerians who benefited from the Central Bank of Nigeria (CBN) and NIRSAL Microfinance Bank’s targeted credit facility (TCF) have failed to pay N261.07bn out of N419.42bn given out.

Daily Trust reports that the facility launched in April 2020 was to cushion the effects of the COVID-19 pandemic on households and SMEs.

In a document released by the CBN, it said the facility led to the creation of 1,585,872 direct and indirect jobs, contributing to Nigeria’s employment landscape.

It added that of the N419.42 billion disbursed, principal repayments amount to about N41.39 billion, with interest repayments standing at approximately N174.60 million.

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But there is a significant outstanding amount of roughly N378.03 billion, with an overdue amount of N261.07 billion, indicating that a large number of recipients have not kept up with their repayment schedules.

The document stated that each of the top beneficiaries of the loan get N2.5m for the purpose of SME finance but categorised as ‘non-performing’, indicating challenges or failures in repayment.

Only one, Centriculture Limited, has been noted as ‘performing’, with a repayment of N1m.

Some recommendations made in the document include to subsume the intervention under the Agri-Business/Small and Medium Enterprise Investment Scheme (AgSMEIS) for better management and outcomes.

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Another recommendation is developing a clear exit strategy that aligns with the outstanding balance to aid in the smooth final closure of the scheme.

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Just in: Tinubu exposes those behind deadly stampedes

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President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.

Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.

During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.

Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.

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“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.

“Let this tragedy not affect us”, the Nigerian leader said.

The president also said he has no plans to reduce his cabinet or sack more ministers.

For the controversial tax reform bills, he said it has come to stay.

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He also revealed he has no regrets removing fuel subsidy.

He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.

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Tinubu To Hold Maiden Presidential Media Chat Tonight

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President Bola Tinubu will hold first presidential chat since assuming office on Monday night.

Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).

All television and radio stations are requested to hook up to the broadcast.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.

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“All television and radio stations are requested to hook up to the broadcast,” the statement.

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‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump

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The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.

He told the crowd: “President Putin has said he want to meet with me as soon as possible.”

Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.

Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.

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Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.

Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.

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