President Muhammadu Buhari has ordered that all loans
received from government institutions be given a three-month moratorium.
The president announced the directive during his state
broadcast on Sunday.
The moratorium is applicable to loans issued by the Bank of
Industry, Bank of Agriculture, Nigeria Export Import Bank, TraderMoni,
MarketMoni and FarmerMoni.
“For on-lending facilities using capital from international
and multilateral development partners, I have directed our development partners
and negotiate concessions to ease the pain of the borrowers,” the president
said.
“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.”
Buhari also urged Nigerians to support the vulnerable in
their communities with “whatever they may need”.
Zainab Ahmed, the minister of finance, budget and national
planning, had earlier said the government was working to identify vulnerable
people in the society to whom stipends would be given.
The minister had said fiscal incentives could not be
announced in a rush due to the country’s “fragile fiscal situation”.
The COVID-19 outbreak in the country has crippled some
businesses after state governments announced movement restrictions and a ban on
large gatherings to reduce the spread of the virus.
As at 9pm on Sunday, Nigeria had recorded a total of 111 confirmed
cases of the disease.
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