The Federal Government has suspended the repayment of loans for three months as part of measures to cushion the impact of COVID-19 outbreak on the economy and businesses in the country.
Reading out the measures his government is taking to address the coronavirus pandemic which has affected global business and has affected 97 persons across the country, President Buhari in a national broadcast on Sunday evening said repayment of loans collected under TraderMoni, MarketMoni, and FarmerMoni, as well as those issued by the Bank of Industry, Bank of Agriculture and Nigeria Export Import Bank, should be suspended for three months.
“Furthermore, I have directed that a three month repayment moratorium for all TraderMoni, MarketMoni and FarmerMoni loans be implemented with immediate effect.
“I have also directed that a similar moratorium be given to all Federal Government funded loans issued by the Bank of Industry, Bank of Agriculture and Nigeria Export Import Bank.”
Mr. Buhari also directed financial institutions to negotiate with international creditors in a bid to secure payment plans that would be easy for borrowers.
“For on-lending facilities using capital from international and multilateral development partners, I have directed our development financial institutions to engage these development partners and negotiate concessions to ease the pains of the borrowers.”
As of the evening of Sunday 29th March, 2020, Nigeria has 97 confirmed cases of COVID-19 and one death and the government is scrambling to flatten the infection curve. One of the measures taken is the lockdown of three states in the country that have high numbers of confirmed cases. The states are Lagos, Abuja, and Ogun. Mr. Buhari said Ogun State was included because of its close proximity to Lagos.
The President also announced measures taken to ease the burden the outbreak of COVID-19 in Nigeria would have on “the vulnerable in our society and the internally displaced persons.” Mr. Buhari ordered a two-month cash payment and two months of
food rations for the vulnerable and the internally displaced persons respectively.
- PHOTOS: After 48 Days in Hospital, Boy Labelled Witch and Abandoned is Discharged - August 8, 2021
- Travellers Complain Over Fly Infested Aminu Kano Airport - August 6, 2021
- Ondo 2020: Mimiko Criticises Akeredolu’s Performance - September 28, 2020