How I Was Debited Over ₦1 Million for a ₦400K COVID-19 Loan — My 2025 Experience With the COVID-19 TCF GSI Recovery

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Introduction: The Shocking 2025 GSI Recovery Wave

This month, I experienced something many Nigerians are now talking about online: an unexpected debit of over ₦1 million from my bank accounts as repayment for a ₦400,000 COVID-19 Targeted Credit Facility Loan I took years ago.

With the 2025 GSI Recovery activation, thousands of Nigerians have been hit with massive deductions linked to the CBN COVID-19 TCF loan program. I became one of them.

How the COVID-19 TCF Loan Started for Me

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Back in 2020, during the heat of the pandemic, the Central Bank of Nigeria (CBN) introduced the COVID-19 Targeted Credit Facility (TCF) to support individuals and small businesses affected by the lockdown. I applied through NIRSAL Microfinance Bank and received ₦400,000.

Like many Nigerians, I assumed repayment would be flexible, and during the pandemic recovery phase, things indeed felt relaxed. Until 2025 arrived with a different energy.

The Shocking Debit: Over ₦1 Million Removed From My Accounts

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When I checked my bank app this month, I was stunned to see multiple deductions totaling more than ₦1,000,000 across my accounts.

The transaction description read:

"FIP:/Name/GSIRecovery/Amount/NGN"

This is the Global Standing Instruction (GSI) at work — a CBN-backed policy that allows lenders to deduct outstanding loan balances from any bank account you own in Nigeria once you delay or default.

The enforcement in 2025 has been aggressive, and many Nigerians are sharing similar experiences online.

Why a ₦400K Loan Grew Into Over ₦1 Million

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If you’re wondering how a ₦400,000 loan transformed into a ₦1 million repayment, here’s what happened:

✓ Interest continued accumulating

Even during silent/slow repayment periods.

✓ Penalties were added

Late repayment fees build up over time.

✓ GSI doesn’t need your permission

Once triggered, it sweeps all linked bank accounts.

✓ The loan was restructured nationally

Many TCF loans were recalculated in 2024–2025.

So the final balance was far above the amount I borrowed.

The Emotional & Financial Impact of GSI Deductions

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Seeing over ₦1 million vanish from my accounts brought a mix of emotions:

• Shock
• Confusion
• Anger
• Frustration
• Acceptance

No matter what I felt, the transaction was irreversible.

What Nigerians Must Know About the 2025 TCF GSI Recovery

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Here are critical lessons:

1. Track your loan balance regularly

Loans don’t “pause” because you’re not paying attention.

2. GSI is real and active in 2025

It deducts from ANY bank linked to your BVN.

3. Interest and penalties can snowball quickly

A small loan can become a major financial burden.

4. Communicate with your lender early

Many people could have avoided extreme deductions by restructuring.

5. Keep emergency funds in strategic accounts

Financial planning matters more than ever.

What I’m Doing Next

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After this experience, I’ve made three decisions:

• Avoid unsecured loans unless necessary
• Pay off debts as early as possible
• Share my experience to warn others

If you took a TCF loan, check your repayment status immediately.

The 2025 GSI recovery is active, automated, and unavoidable.

Conclusion

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The COVID-19 TCF loan was incredibly helpful in 2020, but the repayment wave in 2025 has shown many Nigerians the real weight of borrowing. If you’ve already been hit, you’re not alone. If you haven’t, stay prepared.