COVID-19 loans: House of Reps urges flexible repayment plan for Nigerians

The House of Representatives has directed the Central Bank of Nigeria (CBN), NIRSAL, and SMEDAN to restructure the repayment system for COVID-19 loans. Lawmakers are seeking reduced interest rates and extended repayment times to prevent small businesses from collapsing. This call follows complaints from Nigerians whose accounts are being emptied without authorization, and they have also urged a suspension of forceful recoveries for small business owners.