CBN says N300b real sector support fund yet to be distributed

By The Rainbow

The Central Bank of Nigeria has said it is still appraising over 200 applications received by it in respect of the N300 billion Real Sector Support Facility (RSSF).

The regulator through a statement by Alhaji Ibrahim Mu'azu, the Director, Corporate Communications at the Apex Bank, dismissed speculations that the funds had been disbursed.

According to Mu’azu, the policy objectives of the RSS Facility are to provide long-term, low-interest financing intervention in support of the real sector of the Nigerian economy to increase output, create jobs and conserve foreign exchange.

He further stated that the appraisal of the applications by Nigerian SMEs for the N300 billion RSS facility was still in progress in strict compliance with the eligibility criteria of the Facility.

Mu'azu assured that recommendations would be made to management of the Bank for approval as soon as the appraisals were concluded, adding that disbursement would follow thereafter.

He therefore urged applicants for the RSSF to disregard speculations and exercise patience to enable the Bank conclude the appraisals.

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