Nigerians have criticised the Tinubu administration over continued deductions from bank accounts linked to COVID-19 intervention loans disbursed through NIRSAL Microfinance Bank during the administration of late President Muhammadu Buhari.
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Key Highlights
- Beneficiaries of COVID-19 intervention loans say they are still facing unexpected debits from their bank accounts.
- Complainants cite unclear balances, deductions above amounts owed and no access to repayment records.
- Some borrowers say they cannot reach NIRSAL Microfinance Bank through WhatsApp or its online platforms.
- A few complainants have threatened legal action if the deductions continue without clarification.
- No official response from NIRSAL Microfinance Bank had been established at the time of filing.
The complaints, which have gained attention across social media, accuse the Tinubu administration and NIRSAL Microfinance Bank of allowing controversial recovery practices to continue without adequate notification, transparency or accessible repayment records.
Affected beneficiaries have expressed frustration over unexpected bank debits, unclear repayment balances, disputed recovery amounts and difficulties accessing loan account information, questioning why they are still experiencing deductions several years after receiving the intervention funds.
Although the loans originated under the Buhari administration, the complaints have placed the Tinubu government under pressure to explain the ongoing recovery process, protect affected borrowers and ensure that financial institutions handling government-backed intervention programmes operate transparently.
Background to the COVID-19 Loans
The COVID-19 intervention scheme was introduced during Buhari’s administration to cushion the economic consequences of the pandemic on households and businesses.
However, its management operated amid a wider wave of public scrutiny and allegations of financial misconduct surrounding COVID-19 funds and government intervention programmes.
Former Secretary to the Government of the Federation (SGF), Boss Mustapha, was among the senior officials associated with the government’s COVID-19 response and coordination.
Some beneficiaries now argue that they are being made to bear the consequences of alleged irregularities surrounding the original disbursement process, particularly claims that portions of approved loan amounts were allegedly shared with government officials and intermediaries after the funds were released.
They have questioned why the Tinubu administration has not provided a comprehensive public explanation of the recovery process, particularly as borrowers continue to report unexpected deductions from their accounts.
Beneficiaries Complain of Sudden Deductions
One of the affected Nigerians, Afolakemi Emogehene, said she was surprised by a sudden deduction from her account over a loan she received during the COVID-19 period.
“My money was deducted suddenly. I was given money since COVID-19 time. The money is not even up to N70,000 then. I really need to visit their office. Grant turned to loan? What do I do now? I don’t even know my NIRSAL Bank details,” she lamented.
Another complainant, Mercy Nwani Igbomiye, disclosed that she was still experiencing deductions through her GTBank account over money borrowed during the pandemic.
“Money I borrowed since COVID, they are still debiting me through GTB,” she wrote.
Beste Omo Omoodion also criticised the recovery process, arguing that borrowers were not adequately informed about how deductions were calculated or implemented.
“The reduction system is bad because there is no information at all. You are supposed to give information about how the reduction goes so that people will be aware,” she stated.
Similarly, Chinenye Ezeji described the recovery method as unfair, alleging that some deductions exceeded the amounts borrowers were supposed to repay.
“The recovery method of loan is unfair. Deducting more than you are supposed to is totally wrong,” she said.
Questions Over Repayment Records
Concerns about repayment records and difficulties tracking outstanding balances also featured prominently in the online reactions.
Enechukwu Uchenna Ifeakandu publicly appealed to NIRSAL Microfinance Bank for clarification on how borrowers could establish the amounts already repaid and their outstanding balances.
“NIRSAL Microfinance Bank, please, how do I know how much I have paid back and how much is remaining?” he asked.
Joy Amarachi Anyanwu similarly questioned how beneficiaries could check their COVID-19 loan repayment status, claiming that deductions reflected through her bank indicated she had already paid more than the amount she received.
Another commenter, Emediong Mbada Mary Jane, expressed concern over what she described as a lack of transparency, saying it had made the entire process suspicious.
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The complaints also extended to customer service and access to banking platforms.
Ossy Darrel said repeated attempts to contact the bank through WhatsApp have not received a response, criticising what he considered an inadequate customer service system.
“Everything in the system of Nigeria are only on headlines, next is to punishing individuals unnecessarily,” he commented.
David Eze also criticised what he described as the absence of a functional mobile banking application and website, while Oluwakayode Augustine Oluwafemi appealed to the bank to restore its online banking services.
Other commenters, including Gp Ewoma, demanded that the bank respond to their private messages and enquiries.
Threats of Legal Action
Amid the growing frustration, some Nigerians warned that they could seek legal redress if deductions continued without proper clarification.
Prince M. Olekanma warned that borrowers would not overlook what they considered wrongful deductions from their hard-earned money, threatening to contact a lawyer if the situation persisted.
However, not all reactions supported continued public complaints over the loans.
Olugbade Olukunle Handrule appealed for forgiveness and closure, arguing that the funds were received during Buhari’s administration.
“Please, you guys should forgive and forget. After all, it was during Sai Baba regime we got the alert. Let the past be past. Make una wipe ham commot for una system,” he commented.
As of the time of filing this report, no official response from NIRSAL Microfinance Bank addressing the specific complaints and allegations presented in the online reactions had been established.
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