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Federal Government of Nigeria Begins Disbursement of Stimulus Package Using Banks, But Crypto not Welcome.

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Following the plans by the government to distribute stimulus package to support businesses, the sharing of the first tranche of the Central Bank of Nigeria N50bn targeted credit facility have started.

According to reports, the funds is been managed by the NIRSAL Microfinance Bank, which have received over 80,000 applications.

Mr Abubakar Kure, the Managing Director, NIRSAL Microfinance Bank did not provide the amount to be disbursed in the first tranche. He only said that those whose applications were successful would start receiving their fund from April 24, 2020.

“But we are hopeful that towards Thursday or Friday, the disbursement of the fund would commence.” he said.

See Also: CBN Highlights Details for Households and SMEs to Access the N50billion Stimulus Package.

Last month, the Central Bank of Nigeria announced the distribution of the N50billion COVID-19 intervention fund to individuals and companies. The N50bn Targeted Credit Facility will support households and Micro, Small and Medium Enterprises affected by the COVID-19 pandemic.

Many experts had suggested to the government to utilize the underlying features of blockchain technology so as to maintain a high level of transparency and avoid fraudalent acts.

Some crypto friendly digital mobile banking apps like First Kudi can allow routing of funds for the successful applicants who happen to get access to the stimulus package from the apex bank. 

Earlier last month, there have been rumors of the former Lagos state governor and a prominent politician, Ahmed Tinubu suggesting that the federal government print more money to support the adverse effects of COVID-19.

Experts believe that digital naira will help control the incessant printing of money and embezzlement of public funds in Nigeria by most politicians.

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