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June 21, 2024
BusinessNews

Tinubu approves N50 billion for small businesses

In his nationwide broadcast addressing the state of the economy, President Bola Ahmed Tinubu declared the approval of N50 billion in support of small businesses.

Emphasizing the significance of small and medium enterprises as the backbone of the economy, the president reaffirmed his government’s dedication to providing financial assistance to these ventures.

Despite the challenges arising from the removal of fuel subsidy, President Tinubu urged Nigerians to endure the temporary hardships, assuring them that the economy would eventually recover and improve.

“Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125 billion.”

“Out of the sum, we will spend N50 billion on 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 N1million 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.”

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