The Senate ad hoc committee investigating alleged uneven disbursement of loans, grants and interventions in the six-geopolitical regions by NIRSAL Microfinance Bank has urged the Central Bank of Nigeria (CBN) to write off the trapped N180 billion loans granted Nigerians during the coronavirus pandemic.

Chairman of the committee, Senator Sani Musa, stated this during a hearing on the matter.

“To me, NISRAL gave out the money as a grant to Nigerians because I don’t see how you are going to collect over five hundred billion back from the criteria required for the acquisition of these loans. So, since recovering this money will be difficult for NISRAL because of the time it was disbursed, let us request that CBN gives them fresh funding so they can be able to give it out to persons that can pay back.

“About N180 billion is outs and has gone. After all, countries such as the U.S. gave their citizens free money over four times during the pandemic. So, for the bank to be able to meet its obligations, fresh funds should be released to them,” Musa was quoted in a statement issued by NIRSAL yesterday.(The Guardian)