The Coalition of Civil Society Organizations in Rivers State has criticized the Central Bank of Nigeria (CBN) for maintaining the Monetary Policy Rate (MPR) at 27.5%, describing the decision as alarming and detrimental to businesses and individuals seeking credit facilities nationwide.
In a statement, the CSOs lamented that while the CBN and commercial banks continue to offer loans at exorbitant rates, the Rivers State Government is proactively supporting its citizens through affordable and accessible credit initiatives. They commended the state’s microcredit scheme, which offers single-digit interest loans to small and micro-businesses via the Rivers State Microfinance Agency.
The coalition praised the vision and leadership of the suspended Governor, Siminalayi Fubara, for initiating the microcredit program and lauded the Sole Administrator of the agency, retired Rear Admiral Abok Ebas Ete Ibaas, for sustaining the scheme.
The CSOs stressed that in a time of economic hardship, such microfinance interventions are critical for boosting local enterprises, creating jobs, and driving sustainable development, particularly in rural communities.
However, they expressed concern over the slow repayment of loans, revealing that only N765 million has been repaid out of the N1.3 billion disbursed. The coalition, through its Secretary General, Ayanate West, and spokesperson, Nasigba Peterside, urged beneficiaries to adhere strictly to the repayment terms to ensure the sustainability of the program.
