NIRSAL has began to recover the various loans it gave to Nigerians during the COVID pandemic by deducting funds automatically from the beneficiary’s account.

Most of the people that got these loans got them through some unofficial agents who in many cases took a large chunk of the loan money, giving them the impression that it is a grant from the government.

Now, they are faced with the challenges of paying the loan they benefitted little from while the agents are looking the other way.

Source: https:///mrabusidiq/status/1742409095775224096?s=46&t=oGAxjhiGeufNKlYA6fDTyA

While reading through the Tweets, something caught my attention.

So people have been collecting these loans from the government and yet no one ever came out to commend the past government for giving this amount of huge loans.

Then suddenly, when CBN start automatically deducting it, they are now coming out to say they got the loan and know those who got it in panic mode because they are now sad it got deducted. Some even agreed to the corruption by allowing agents to take 70% of the fund and scamming the government.

No country can survive this kind of people we have in Nigeria. Extremely corrupt people who run to blame government for every single thing.

See them. They got money, they’ll also join online to abuse the government.

Use it for intended purpose, mba.

LegendHero:
NIRSAL has began to recover the various loans it gave to Nigerians during the COVID pandemic by deducting funds automatically from the beneficiary’s account.

Most of the people that got these loans got them through some unofficial agents who in many cases took a large chunk of the loan money, giving them the impression that it is a grant from the government.

Now, they are faced with the challenges of paying the loan they benefitted little from while the agents are looking the other way.

Source: https:///mrabusidiq/status/1742409095775224096?s=46&t=oGAxjhiGeufNKlYA6fDTyA

I pity some of my guys that got this back then sharing it 50/50 back then.

They are now to pay for what they did not eat

dawnomike:
I pity some of my guys that got this back then sharing it 50/50 back then.

They are now to pay for what they did not eat

See them. He got 1.7m and no one ever get to hear any testimony.

Now that they have been debuting it now, they won’t let us hear word

If all these guys had used the money for the intended purpose, things would have been at least better a bit. Imagine the amount government wasted on rice farmers who used the money to marry new wives.

Me I don’t pity anyone tho. How I wish government can also go ahead to seize their assets if they can’t pay. Those that their business failed should provide evidence of their profit and loss transactions so gov’t can write off their loans.

Askari LegendHero, COVID-19 loans had nothing to do with agents. It was Non-Interest loans(TCF) that agents stole from people who took loans.
COVID-19 loans paid money. Non-Interest loan was an Islamic loan which didn't require to pay money but gave beneficiaries items they requested for business. These items went through agents. Some agents instead of giving those items decided to give cash and used the opportunity to short-pay the beneficiaries.
Again, the auto-deduction affects only COVID-19 loan and not Non-Interest

Why Una no share this update on time. I no even know say dem Dy collect loan smh

I know someone that got 2 million, he immediately moved out from his selfcon to one bedroom flat and started flexing life. Lol

I hope he still has money to pay back. Most people thought it was a grant, none cared about investing the money.

LegendHero:
While reading through the Tweets, something caught my attention.

So people have been collecting these loans from the government and yet no one ever came out to commend the past government for giving this amount of huge loans.

Then suddenly, when CBN start automatically deducting it, they are now coming out to say they got the loan and know those who got it in panic mode because they are now sad it got deducted. Some even agreed to the corruption by allowing agents to take 70% of the fund and scamming the government.

No country can survive this kind of people we have in Nigeria. Extremely corrupt people who run to blame government for every single thing.

The government itself failed in putting the mechanism to ensure the right people got the money for the right purposes.

Ask yourself if you are the owner of that kind of money and you plan giving people loan, is this how loosed the system will be in disbursement?

It only shows the government itself didn't really care how the money was disbursed

Beremx:
Askari LegendHero, COVID-19 loans had nothing to do with agents. It was Non-Interest loans(TCF) that agents stole from people who took loans.
COVID-19 loans paid money. Non-Interest loan was an Islamic loan which didn't require to pay money but gave beneficiaries items they requested for business. These items went through agents. Some agents instead of giving those items decided to give cash and used the opportunity to short-pay the beneficiaries.
Again, the auto-deduction affects only COVID-19 loan and not Non-Interest

I actually don't understand you quite well.

NISRAL MFB disbursed the COVID-19 pandemic loans at 5% and that was what is being deducted automatically.

Agents I am referring too are fradulent facilitators. Even for some peopel to get Covi-19 loans, they did runs with people within the establishment.

Brendaniel:


The government itself failed in putting the mechanism to ensure the right people got the money for the right purposes.

Ask yourself if you are the owner of that kind of money and you plan giving people loan, is this how loosed the system will be in disbursement?

It only shows the government itself didn't really care how the money was disbursed

Tell me how you will go about disbursing the loans if you are in charge of government that is fool proof.

Even almighty USA lost billion $ to scammers who took PPP loans unjustly. USA saving grace is that, bad people are not as much as those we have in Nigeria.

Nigerians commit criminal act, then turn to blame the government for not creating foolproof plan. What foolproof plan can you have against thieves that are ready to game the system everytime?

Do you know that people are manipulating Twitter ad revenue currently unjustly in Nigeria, even Elon Musk will be surprised at the level of sophistication Nigerians can go when it is time to steal.

LegendHero:
While reading through the Tweets, something caught my attention.

So people have been collecting these loans from the government and yet no one ever came out to commend the past government for giving this amount of huge loans.

Then suddenly, when CBN start automatically deducting it, they are now coming out to say they got the loan and know those who got it in panic mode because they are now sad it got deducted. Some even agreed to the corruption by allowing agents to take 70% of the fund and scamming the government.

No country can survive this kind of people we have in Nigeria. Extremely corrupt people who run to blame government for every single thing.

They have a thread on nairaland.

CBN has been deducting the money since last year or so. It's people that used long leg to collect the loans(they thought it was free money from the government) I pity a little sha, lots of them got less than 45% of the total loan they are entitled to while the agents got the lion share. This set of people will pay back the loan 100%

Ikaeniyan0:
They have a thread on nairaland.

CBN has been deducting the money since last year or so. It's people that used long leg to collect the loans(they thought it was free money from the government) I pity a little sha, lots of them got less than 45% of the total loan they are entitled to while the agents got the lion share. This set of people will pay back the loan 100%

Nawa o. I come dey pity them.

It is now hard for them to use banks in their name because government will keep dedcuting it so far it is linked to their CBN.

Maybe they should start buying kolo to save their money.

LegendHero:
While reading through the Tweets, something caught my attention.

So people have been collecting these loans from the government and yet no one ever came out to commend the past government for giving this amount of huge loans.

Then suddenly, when CBN start automatically deducting it, they are now coming out to say they got the loan and know those who got it in panic mode because they are now sad it got deducted. Some even agreed to the corruption by allowing agents to take 70% of the fund and scamming the government.

No country can survive this kind of people we have in Nigeria. Extremely corrupt people who run to blame government for every single thing.

Why must they come to commend them for doing their work, na wa for some people

LegendHero:


Tell me how you will go about disbursing the loans if you are in charge of government that is fool proof.

Even almighty USA lost billion $ to scammers who took PPP loans unjustly.

What happened to giving loans to only companies registered under CAC of at least 3 years old with company bank accounts, That alone will reduce the number of people who intend to use the money for non business ventures, then prosecute any person acting as agent working in NIRSAL to take cuts.

This is just one, there are so many ways to make sure the system is effective...

Indeed Nigeria does not deserve majority of nigerians

gare:


Why must they come to commend them for doing their work, na wa for some people

Nigeria mentality at play. Who tell you that they must not be commended?

If the FG suddenly lay claim to say they disbursed $500m to people for loan for example, Nigerian will coe online to shout "Who are the people", "No one got this", "Government are scammers", and bla bla bla.

yet people do actually got it but turnaround to badmouth the government about being a scam.

If you don't commend the government for doing their work, how will your democracy succeed if there is no reward system for politicians that perform?

LegendHero:
I actually don't understand you quite well.

NISRAL MFB disbursed the COVID-19 pandemic loans at 5% and that was what is being deducted automatically.

Agents I am referring too are fradulent facilitators. Even for some peopel to get Covi-19 loans, they did runs with people within the establishment.

there were two types of loans, COVID-19 loan and Non Interest (TCF) . The auto-deduction is only for COVID-19 loan. The other one I don't think they have started deducting because I was a beneficiary. Some agents short-paid beneficiaries of TCF loans. Instead of giving the beneficiaries items they requested for, they gave them money and cheated them.
I requested for a deep freezer and 2.5kva and was given both instead of the cash equivalents.
Hope you understand now?

LegendHero:


Nawa o. I come dey pity them.

It is now hard for them to use banks in their name because government will keep dedcuting it so far it is linked to their CBN.

Maybe they should start buying kolo to save their money.

Since last year, most of them have being using the likes of Opay, Kuda, Palmpay etc for transactions because they didnt link their BVN to the accounts.

But very soon, there will be no way around it because any account that does not have a BVN will become useless.

The funny thing is that most of the beneficiaries did not invest lt. They thought it was a national cake

Should I call it desperation on what? Because I can't still understand why someone will take 55‰ of funds I will be paying back. I am sure many thinks they can go free without paying back the loan.

Ikaeniyan0:
They have a thread on nairaland.

CBN has been deducting the money since last year or so. It's people that used long leg to collect the loans(they thought it was free money from the government) I pity a little sha, lots of them got less than 45% of the total loan they are entitled to while the agents got the lion share. This set of people will pay back the loan 100%

Brendaniel:


What happened to giving loans to only companies registered under CAC of at least 3 years old with company bank accounts, That alone will reduce the number of people who intend to use the money for non business ventures, then prosecute any person acting as agent working in NIRSAL to take cuts.

This is just one, there are so many ways to make sure the system is effective...

Who tell you companies existing since 10 years don't partake in scams? Who do you think the agents are working hand in hand with? Are they not companies with legitimacy.

Also, as a government, if because of fear of corruption you are excluding certain demographics from government assistance, then how will your main policy work effectively in terms of emergency outreach?

If you like open your company in 1984, if Nigerians see any way to game the system, they take it. Even Dangote was rumored to game the FX system and got huge amount of FX from CBN illegally.

Ikaeniyan0:
Since last year, most of them have being using the likes of Opay, Kuda, Palmpay etc for transactions because they didnt link their BVN to the accounts.

But very soon, there will be no way around it because any account that does not have a BVN will become useless.

na your prayers be that? I don't see that happening in the nearest future

Beremx:
there were two types of loans, COVID-19 loan and Non Interest (TCF) . The auto-deduction is only for COVID-19 loan. The other one I don't think they have started deducting because I was a beneficiary. Some agents short-paid beneficiaries of TCF loans. Instead of giving the beneficiaries items they requested for, they gave them money and cheated them.
I requested for a deep freezer and 2.5kva and was given both instead of the cash equivalents.
Hope you understand now?

Oh I understand what you're saying now.

I hope you use it justly and your business continue to boom (amen) such that when the government request for payment, you won't be like all these other guys.

Ikaeniyan0:
Since last year, most of them have being using the likes of Opay, Kuda, Palmpay etc for transactions because they didnt link their BVN to the accounts.

But very soon, there will be no way around it because any account that does not have a BVN will become useless.

I pray this happens very soon. We need that ASAP not even for only loan repayment sake but for many things.

Beremx:
na your prayers be that? I don't see that happening in the nearest future

With Cardoso headmaster, it might eventually happen soon.

Let's just see how it goes.

LegendHero:


Oh I understand what you're saying now.

I hope you use it justly and your business continue to boom (amen) such that when the government request for payment, you won't be like all these other guys.

I'm almost done with my repayment. I no want government wahala abeg. Imagine money enters my account and next thing it's debited automatically. It's going to be painful though

Former CBN governor did a great job then

LegendHero:


With Cardoso headmaster, it might eventually happen soon.

Let's just see how it goes.

l pray it doesn't. Those platforms are the easiest way to transact business. They should not make it difficult for us like our regular banks

LegendHero:


Who tell you companies existing since 10 years don't partake in scams? Who do you think the agents are working hand in hand with? Are they not companies with legitimacy.

Also, as a government, if because of fear of corruption you are excluding certain demographics from government assistance, then how will your main policy work effectively in terms of emergency outreach?

If you like open your company in 1984, if Nigerians see any way to game the system, they take it. Even Dangote was rumored to game the FX system and got huge amount of FX from CBN illegally.

Oga it will reduce the scam by over maybe 50 percent, most of the people who may have gotten that loan only used BVN and NIN which virtually almost all Nigerian adults have.

Also there are registered cooperatives that have been existing for more than 3 years that have members(,even if you want to include non corporate people into the mix)

I have been a member of cooperatives and I know how it works, I have collected loans and paid back(they ensure you pay back), so if the government worked with such also, it will also have been heavily controlled.

Like I said earlier on, there were so many ways to put checks and balances in the scheme to make it very effective....

LegendHero:


Nawa o. I come dey pity them.

It is now hard for them to use banks in their name because government will keep dedcuting it so far it is linked to their CBN.

Maybe they should start buying kolo to save their money.

Lots of nairalanders applied and got the loan.

This is the link to the Nisral thread below

https://www.nairaland.com/6407018/nyif-loan-discussion-thread/108

Beremx:
na your prayers be that? I don't see that happening in the nearest future

From march 2024, any account not link with a BVN/NIN will be frozen.

https://tribuneonlineng.com/cbn-will-freeze-your-accounts-if-you-dont-link-your-bvn-nin/

https://www.arise.tv/cbn-to-freeze-bank-accounts-without-bvn-nin-from-march-2024/

https://www.google.com/amp/s/punchng.com/cbns-anti-money-laundering-fight-triggers-fresh-bvn-race-in-banks/%3famp

https://newnationalstar.com/failure-to-link-your-bvn-nin-will-result-in-account-freezing/