As part of efforts to ease the impact of COVID-19 pandemic, the Federal Government is working with the Central Bank of Nigeria to help borrowers to restructure their loans.
This was disclosed by the Vice President, Yemi Osinbajo, in a statement by the Senior Special Assistant to the President on Media & Publicity, Office of the Vice President, Laolu Akande.
The statement was entitled ‘FG will use part of N2.3tn ESP stimulus as buyer of last resort – VP Osinbajo.’
According to the statement, he disclosed this at the virtual edition of the 2020 presidential policy dialogue of the Lagos Chamber of Commerce and Industry.
As part of measures put in place to support small businesses, he said, “Working with the central bank, we try to ensure that we are able to put in place a system whereby many businesses that have taken loans will be able to restructure those loans.
“This is an ongoing conversation and we intend to keep the banks reassured that allowing generous restructuring programmes will be supported by the central bank and that the central bank will not throw them under the bus.”
The vice president said the priority of the Federal Government in response to the economic challenges posed by COVID-19 was essentially to ward off a deep recession and to save jobs.
Osinbajo added: “We are hoping to do by a mixture of stimulus measures to support local businesses; the essence being to retain jobs and to ensure that we create the best possible circumstances for the most vulnerable in the society.”