Why NMFB Should Review Decision On TCF Loan Equipment Provision To Applicants

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A concerned citizen calls out NMFB, to review their decision on the provision of TCF loans as equipment to its applicants. NMFB is a unit under the CBN and is responsible for distributing credit facilities to the citizenry. Read also Loans Under NIB Window Of TCF Not Cash But For Goods Purchase -MGT

According to the poster, the COVID-19 TCF Loan which was the first phase of the credit facility is more organized than this non-interest banking window of tcf, perhaps, the first phase is associated with interest and the latest phase is interest-free.

According to him, the Former is more friendly and Drudgery free, cash is siphoned directly into the accounts of beneficiaries. While the later is full of drudgery and bloodsucking.

It is a Vendor-applicant relationship, where the creditor pays the vendor to supply equipment to its applicants. No cash is emanating from the applicant, NMFB is responsible for paying the vendors for the equipment.

Unprecedented as it is, the system is not business-growth oriented, for a business to expand in all of its scopes, equipment is needed and cash is also indispensable to aid the entrepreneurs rent an outlet, shop, enterprise, or erect a local kiosk for the start.

In this regard, applicants will only be giving equipment with no place to install them and start up their economic activities, the poster said.

Why NMFB Should Review Decision On TCF Loan Equipment Provision To Applicants

We Call on the creditor to review their decision, to suppress/remove the hardship associated with this credit facility, to partition the loan into equipment and CASH. So as to enable its applicants to enjoy the dividend of the credit facility.

This may also interest you New Update For COVID-19 Targeted Credit Facility (TCF) Applicants

Entrepreneurs need to rent facilities that will accommodate their equipment, overhaul or rehabilitate such facilities and go online and offline to advertise their goods and services, employ labor to kick start the business.

Or better still, NMFB should bankroll all the components of the business, the equipment, business facilities (shop, outlet, enterprise), and the labour.

Concern citizen
Ango Abu Abdillah

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1 Comments

  1. I also concur with Ango Abdul Abdillah on the issue of vendor in the process of NIB NMFB Loan. my only question is 'what if the vendor did not purchase the right material or purchase a defect material for you? is he (vendor) the one to refund the bank? and another area of concern in this loan process is the issue 'Murabahah agreement' are all Nigeria citizens Muslims? why federal government will give loan to its citizens under Islamic loan policy? this issue is seriously biased. thanks!!

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