Reps Seek Suspension Of Deductions On COVID-19 Loan, Waiver For Vulnerable Homes

 The House of Representatives on Wednesday asked 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.

In a resolution following a motion of urgent public importance sponsored by the Deputy Chairman of the

House Committee on Finance, Saidu Musa Abdullahi, the House 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 mandates the Central Bank of Nigeria(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.