President Muhammadu Buhari has ordered a three-month moratorium on loans to all TraderMoni, MarketMoni and FarmerMoni beneficiaries as relief efforts to tackle the Covid-19 impact on the Nigerian economy.
President Buhari in his address on Sunday directed that the freeze should be implemented with immediate effect.
He also directed that all government funded loans from institutions such as the Bank Of Industry and Nigerian Export-Import Bank be given the similar three-month moratorium.
“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 the Nigeria Export Import Bank.
In his address, Mr Buhari also said the ministry of Humanitarian Affairs, Disaster Management and Social Development should ensure that the school feeding program should continue in the affected states; despite order of closure of schools.
The president also urged the ministry should work with the affected state government without compromising the social distancing policies.
President Buhari had ordered residents of Lagos, Ogun and Abuja. to stay at home for 14 days from 11 p.m on Monday.
“Furthermore, although schools are closed, I have instructed the Ministry of Humanitarian Affairs, Disaster Management and Social Development to work with State Governments in developing a strategy on how to sustain the school feeding program during this period without compromising our social distancing policies. The Minister will be contacting the affected States and agree on detailed next steps.
The newly-established Ministry of Humanitarian Affairs, Disaster Management, and Social Development, headed by Sadiya Farouq, was until last year Independence Day, moved away from the the office of the vice-president, Yemi Osinbajo.
The ministry is responsible for the National Social Investment Programmes which include N-Power, National Home-Grown School Feeding Programme (NHGSFP), National Cash Transfer Project (NCTP), and Government Enterprise and Empowerment Programme (GEEP).
He also directed that “For on-lending facilities using capital from international and multilateral development partners, I
Mr Buhari said, “I have directed our development financial institutions to engage these development partners and negotiate concessions to ease the pains of the borrowers.
He added that the payment for the conditional cash transfers beneficiaries would be immediately paid for the next two months.
“For the most vulnerable in our society, I have directed that the conditional cash transfers for the next two months be paid immediately.
“Our internally displaced persons will also receive two months of food rations in the coming weeks.”
Since the first outbreak of coronavirus in Nigeria, the effect has had a great impact on the Nigeria economy to its foundation, with disruptions transcending all sectors.
The Central Bank of Nigeria (CBN) on its part, announced last week, a N1 trillion intervention in all critical sectors of the economy on Wednesday, as against the crash in price of crude oil by $26.11 per barrel lowest since 2003 making oil price now over 50 per cent lower than Nigeria’s 2020 budget benchmark.
As of 11 p.m on Sunday, there were 111 cases of Coronavirus in Nigeria.
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