#CBN_COVID19_Funds: CBN bows to pressure, pays some, many yet to be paid

You will recall that, on June 24, 2020, with the hashtag #CBN_COVID19_Funds, the TOWN CRIER launched an online campaign against the Central Bank of Nigeria’s refusal to disburse the loan approved for many of the applicants of the 50 billion Naira COVID19 Targeted Credit Facility.

The CBN had announced on June 8, 2020, that all successful applicants “should expect their accounts to be credited within 48 hours”.

But the CBN did not live by its words, as successful applicants waited for more than two weeks without their accounts being credited.

The non disbursement necessitated the #CBN_COVID19_Funds campaign which soon garnered traction, as legendary Fela Anikulapo Kuti’s son and grammy award nominee, Seun Anikulapo Kuti called out the CBN Governor, Mr Godwin Emefiele, to address the plights of the undisbursed applicants and also give public account of how the apex bank had so far spent the 50 billion Naira COVID19 Targeted Credit Facility.

As at yesterday, June 30, 2020, few applicants announced that they have been credited.

However, many are still calling on the Mr Godwin Emefiele’s led CBN to disbursed the loan approved to them.

While the Central Bank of Nigeria (CBN) claimed to have so far disbursed N49 billion out of Nigeria’s N50 billion Targeted Credit Facility meant to cushion the impact of the COVID-19 on the economy, Seun Anikulapo Kuti has called out the CBN governor, Mr Godwin Emefiele, to give public account of the disbursement.

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