The Senate on Tuesday invited the Central Bank of Nigeria Governor, Mr. Godwin Emefiele, to appear before it to brief the lawmakers on the progress so far made in the implementation of government’s intervention fund geared towards getting the country out of economic recession.
The upper chamber has asked the CBN to consider implementing expeditiously, the approvals and disbursements of intervention facilities to companies in the real sector that merit such facilities.
The resolutions followed the adoption of a motion by Senator Mao Ohuabunwa (Abia North), entitled, “The need for the Central Bank of Nigeria (CBN) to implement its Intervention Funding Programmes to qualified Nigerian companies and exporters.”
Senator Ohuabunwa noted that the Federal Government was aware that Nigeria was undergoing a serious economic recession, with companies, factories, industries, exporters and entrepreneurs no longer growing or going moribund, with the attendant loss of jobs and decided to set up the intervention fund programme to revitalize the industries.
He said, “To achieve the target, government resolved to activate the Nigerian economy through the introduction of different types of long tenured intervention facilities with the aim of stimulating output production, enhancing value addition and creating employment for Nigerians. These are initiatives that many Nigerian companies and commercial banks have keyed into with great expectations.”