The House of Representatives has called on the Central Bank of Nigeria (CBN), NIRSAL Microfinance Bank, and the Federal Ministry of Finance to immediately suspend all deductions on COVID-19 intervention loans issued to Nigerians during the pandemic.
The resolution followed a motion of urgent public importance moved on Wednesday by the Deputy Chairman of the House Committee on Finance, Saidu Musa Abdullahi.
Lawmakers noted that thousands of vulnerable households and micro-businesses who benefited from the loans are currently unable to meet repayment obligations due to the harsh economic realities across the country. According to the House, continuing deductions without considering present conditions would further worsen the financial strain on struggling Nigerians.
The House therefore urged the relevant agencies to grant full waivers for vulnerable families and low-income beneficiaries, while adopting a more flexible and humane approach for small businesses.
Under the new directive, the Central Bank of Nigeria, NIRSAL Microfinance Bank, and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) are expected to restructure repayment terms for SMEs by extending moratorium periods, lowering interest rates, and spreading repayments across longer timelines.
Lawmakers say these measures are necessary to safeguard jobs, support economic stability, and prevent the collapse of small enterprises that rely on the intervention to stay afloat.
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