CBN Covid 19 intervention: Public complaints compel Reps to probe CBN

Moved by complaints and public outcries over the cumbersome nature and difficult procedures for accessing the Central Bank of Nigeria’s Covid-19 special intervention loans for small and medium-scale enterprises, the House of Representatives is set to investigate the CBN to ascertain why the funds are difficult to access.

Ahmadu Jaha, a member of the House, at the plenary on Tuesday, moved a motion titled, ‘Need to Investigate the Activities of the Development Finance Department of the Central Bank of Nigeria and the Nigeria Incentive–Based Risk Sharing System for Agricultural Lending.’

The House unanimously adopted the motion and resolved to set up an ad hoc committee to investigate the activities of the Development Finance Department of the apex bank.

It also resolved to probe the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending and any other such schemes under the department.

The House also adopted a motion decrying the negative impact of the COVID-19 pandemic on importers.

The motion was moved by Christopher Okwudili and titled ‘Need to Rescue the Businesses of Importers from Total Collapse.’

Consequently, the House urged the Federal Government, through the COVID–19 Economic Hardship Relief Programmes to “intervene and save the businesses of the importers from total collapse.”

The House mandated the Committee on Commerce to investigate the matter and report back within two weeks for further legislative action.