NIRSAL has commenced the automatic retrieval of loans disbursed to Nigerians during the COVID-19 pandemic, deducting funds directly from beneficiaries' accounts. Many individuals, who obtained these loans through unofficial agents, now find themselves grappling with repayment challenges, as these intermediaries often took a significant portion of the loan, misleading them into thinking it was a government grant.



One female journalist, who secured a N2.5 million MSME loan in 2021, reported a deduction of N350,000 from her account, despite having paid N75,000 voluntarily the previous year. Discovering the debit alert labelled "GSI recovery" from NIRSAL Microfinance Bank, she sought confirmation at the bank's branch in Area 10 Garki.



A senior official at the bank's headquarters in Abuja emphasized that many borrowers were adhering to the repayment terms, asserting that defaulters would face unavoidable deductions. The official affirmed that the recovery process, facilitated by the GSI policy, is ongoing, making it challenging to provide a specific figure for the total amount recovered, as various branches continually retrieve funds from defaulters' accounts.

I think Hero legend opened a thread

One Chance. APC is the best political party in the world. They deceived the masses that PDP is bad. But, they should understand that some of these monies shall later manifest as one incurable disease or the other which in most cases swallow up the fraudulent money before taking away the life of the culprit.

Nice! Good for those who are in the habit of diverting public funds for personal use. Most of them didn't use the loan for business. They thought it was free money from the government that nobody will ask for. Now it's time to start your business for those who still have some change in their accounts.