In a legislative intervention aimed at providing direct economic relief, the Nigerian House of Representatives passed a motion on Wednesday urging the Federal Government to secure a comprehensive waiver on COVID-19 loans and to immediately suspend automatic deductions from borrowers’ accounts. This move is framed as a critical response to the severe and ongoing economic hardship faced by citizens, which has rendered the original loan repayment terms untenable for many.The motion, classified as a Matter of Urgent Public Importance, was sponsored by Hon. Saeed Musa Abdullahi. It specifically calls for a total debt cancellation for the most affected vulnerable households, micro-enterprises, and small-scale businesses who accessed the COVID-19 Targeted Credit Facility (TCF). The resolution represents a direct appeal to the executive arm for immediate humanitarian action, predicated on widespread default and financial distress among beneficiaries. It argues that the compounding economic crisis, marked by inflation, diminished purchasing power, and stagnant incomes, has fundamentally altered the nation’s ability to fulfill the obligations agreed upon during the pandemic.The motion references the global COVID-19 pandemic of 2020, a period of acute public health and economic crisis. In response to the devastating impact of nationwide lockdowns, the Federal Government of Nigeria, through the Central Bank of Nigeria (CBN) and its implementing agent, the NIRSAL Microfinance Bank, established the COVID-19 Targeted Credit Facility. This emergency stimulus package was designed to provide a financial lifeline, supporting household sustenance, preserving small business operations, and offering targeted assistance to women-led enterprises.This motion is a significant political signal, reflecting the legislature’s sensitivity to public suffering. By advocating for a waiver, the House positions itself as the champion of the “common man,” directly addressing a pain point affecting millions. It is a strategic move to garner public goodwill and demonstrate proactive governance in the face of a severe cost-of-living crisis. The call to stop automatic deductions is particularly potent, as these deductions are a visible and recurring source of financial strain for beneficiaries.Ultimately, the House’s motion presents a politically resonant and humanitarian-driven response to a genuine crisis. It identifies a growing problem where emergency aid has morphed into a debt trap, highlighting the urgent need for a policy reassessment in light of the nation’s prolonged economic distress. The focus now shifts to the executive branch’s response and the complex negotiations required to translate this legislative appeal into concrete economic relief.
