President Tinubu has approved the sum of N50 billion to small business owners in Nigeria to cushion the effects of subsidy removal.
Truetells Nigeria reports that Tinubu made the announcement on Monday while addressing Nigerians in his nationwide broadcast.
This Nigeria News platform understands that President Tinubu charged Nigerians to bear the pains associated with the removal of fuel subsidies, assuring them that things would pick up.
He said, “Our administration recognizes the importance of micro, small, and medium-sized enterprises and the informal sector as drivers of growth. We are going to energize this very important sector with N125 billion.
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.”
