President Bola Tinubu approved N50 billion for small businesses during his countrywide broadcast on Monday.
According to news reports, the President discussed the situation of the economy.
President Tinubu asked Nigerians to suffer the pains of the reduction of gasoline subsidies, promising that things would improve.
“Our administration recognizes the importance of micro, small, and medium-sized enterprises, as well as the informal sector, as growth drivers,” he stated. With N125 billion, we plan to energize this vital sector.
Subsidy Removal: NLC, TUC Meet FG In Aso Rock Amid Nationwide Protest
“Out of the sum, we will spend N50 billion on a Conditional Grant to 1 million nano businesses between now and March 2024. Our target is to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.
“Ultimately, this programme will further drive financial inclusion by onboarding beneficiaries into the formal banking system. In like manner, we will fund 100,000 MSMEs and start-ups with N75 billion. Under this scheme, each enterprise promoter will be able to get between N500,000 to N1 million at 9% interest per annum and a repayment period of 36 months.
“To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.”
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.