NIRSAL COVID-19 Ongoing Loan Deductions: Nigerians Call on Tinubu to Launch an Immediate Investigation
Social media has been awash over the past 24 hours with complaints from many Nigerians over what they described as arbitrary deductions by NIRSAL Microfinance Bank in connection with the recovery of COVID-19 loans.
Numerous posts on Facebook, Instagram, TikTok, and X alleged that the bank has resumed automatic deductions from the accounts of beneficiaries of the COVID-19 intervention loans, with many claiming that the deductions have left them in severe financial hardship.
Among the thousands of reactions on social media are the following:
Mustapha Abubakar wrote on Facebook:
«”What kind of country is this? At this point, when we are facing severe economic hardship in Nigeria, you are deducting a government loan automatically without leaving anything in the beneficiary’s account. This is serious wickedness. I am now working as a hotelier after my business collapsed during the COVID-19 pandemic, and my salary is ₦55,000, paid through GTBank. They deducted the entire amount for COVID-19 loan recovery, leaving my account with a negative balance. How do you expect me, my aged mother, and my family to survive this month of August 2026? If this continues, many people could practically be starved to death. I call on President Tinubu to immediately order them to stop this inhumanity.”»
Babajide Tunde also posted on Facebook:
«”NIRSAL Microfinance Bank has been taking every amount that enters my First Bank account over the last three months without leaving anything for me. How am I supposed to survive in Nigeria? If you can, please help me and my family with food through my Opay account in the comment section. Baba Tinubu, will you allow this to continue under your watch? Please direct the EFCC, just as you did in Osun some days ago, to stop these deductions. What have Nigerians done to deserve this wickedness? Can’t this loan be waived as some Nigerian lawmakers earlier suggested?”»
On TikTok, Jonathan Onome wrote:
«”A lot of organizations donated money to Nigeria during COVID-19, but instead of distributing the funds to Nigerians as grants, they turned them into loans. Where is the money NIRSAL Microfinance Bank is recovering going? Is it ending up in the pockets of a few people in that office? Is the Federal Government even aware that this is happening to Nigerians? Baba Tinubu, please stop these people once and for all.”»
On Instagram, Ezema Peter posted:
«”Can’t we even benefit from one small thing from the government? There is no water, no good roads, no hospitals, no stable electricity, no adequate security, and other basic social amenities are lacking. Yet, the little money given to us during the administration of late President Muhammadu Buhari is now being collected back. Please have mercy on us. Stop NIRSAL Microfinance Bank.”»
On X, Osagie O wrote:
«”The money given to us during COVID-19 should have been a grant, not a loan. No responsible government does that. Please, Baba Tinubu, help us stop these people. They wiped out everything in my account, and that is wicked and ruthless.”»
Similarly, Okpanachi Abu posted:
«”Does it mean there is no law in this country? I remember that Nigerian lawmakers warned NIRSAL Microfinance Bank long ago to stop these deductions, but they have started again. Baba Tinubu, please intervene and stop these people.”»
It would be recalled that NIRSAL Microfinance Bank disbursed intervention funds to some Nigerians during the COVID-19 pandemic to cushion the economic impact of the global health crisis on households and small businesses.
In the interest of fairness and justice, some Nigerian lawmakers had reportedly advised the Federal Government to consider waiving the loans, arguing that Nigeria received grants and donations from several international organizations and foreign governments during the pandemic. According to them, it would be unfair to continue recovering the loans from struggling Nigerians.
Many Nigerians are once again calling on President Bola Ahmed Tinubu to order an immediate investigation into the ongoing loan recoveries and direct NIRSAL Microfinance Bank to suspend the deductions.
They argue that if international organizations and foreign governments supported Nigeria with grants during the COVID-19 pandemic, then Nigerians who benefited from the intervention should also be considered for similar relief through a waiver of the loans.
All eyes are now on President Bola Ahmed Tinubu as Nigerians await his response to the growing public outcry over the ongoing loan deductions.
