The Nigerian Senate has solicited for more funds for NIRSAL Micro- Finance Bank to enable more functional MSMEs in the country benefit from the bank’s credit facility.
Chairman Senate Committee on Ethics, Privileges and Public Petitions, Senator Ayo Akinyelure, made the call when the Managing Director of NIRSAL MFB, Abubakar Abdullahi Kure appeared before the National Assembly to clear the air on the alleged uneven disbursement of its loans, grants, interventions.
Akinyelure observed that the recovery of over N500 billion loan given to Nigerians under both MSMEs and households categories during COVID-19 pandemic will be difficult to recover under the criteria which the loans were granted.
The Lawmaker representing Ondo Central Senatorial District at the Senate, therefore urged the Central Bank of Nigeria to give the NIRSAL MFB fresh funding for the bank to be able to meet it’s loaded objectives and mandate.
Recall that the Senate Ad-hoc Committee had on Monday last week resolved to summon the management of the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL) and its Micro Finance Bank(NIRSAL MFB)over uneven disbursement of loans, grants and interventions by Nigerian development banks.
“To me, NISRAL gave out these monies as grant to Nigerians because I don’t see how you are going to collect over N500 billion back from the criteria required for the acquisition of these loans.
“With these, if there is any recommendation or way forward that the management feels they can enlighten us on, they should put it out, we will go back to the Senate “Since recovering this money will be difficult for NIRSAL because of the time it was disbursed, let’s request that CBN give them fresh fund so they can be able to give it out to persons that they can be able to recover it from.
“About N180 billion outside is gone, and we can’t wait until it is recovered before another fund can be disbursed.
“In countries like the US , they gave their citizens free money over four times.
“For this agency to meet it’s loaded objectives fresh funds should be released to them,” Akinyelure said.
