Lawmakers Probe CBN Over COVID-19 Loans

The House of Representatives has resolved to investigate the Central Bank of Nigeria over the difficulties Nigerians face in accessing its special intervention loans, especially that created for Small and Medium-Scale Enterprises to cushion the effect of COVID-19.

A member of the House, Ahmadu Jaha, at the plenary on Tuesday, had 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 Mr 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.