The Vice President Kashim Shettima has unveiled the anticipated date for the disbursement of the federal government substantial N75 billion grant to small-scale businesses across the nation.
The Senior Special Assistant to the President on Job Creation and MSMEs, Temitola Adekunle-Johnson, announced in an official statement released on Tuesday.
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According to Adekunle-Johnson, the disbursement is scheduled to commence in January 2024. The government, in collaboration with the Bank of Industry, plans to utilize existing structures to ensure the efficient and widespread distribution of financial assistance to businesses.
Adekunle-Johnson explained, “The loans, totaling about N75 billion, will be extended to small businesses nationwide at a reasonable interest rate of 9 percent.
The upward revision, as per the bank’s statement, aims to expand the reach of the loan scheme, thereby positively impacting more livelihoods.”
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This initiative aligns with Vice President Kashim Shettima’s commitment, expressed in June, to expedite the disbursement of the palliative to businesses.
In a subsequent move, President Bola Ahmed Tinubu allocated a noteworthy N125 billion in funding for micro, small, and medium-sized enterprises (MSMEs) under his Presidential Palliative Loan Programme in July.
As part of the allocation, the government has earmarked N75 billion to be released specifically to MSMEs spanning various sectors, with an additional N75 billion dedicated to supporting manufacturers.
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This strategic financial injection aims to bolster the resilience and sustainability of these vital economic contributors in the face of prevailing challenges.
Small business owners and entrepreneurs eagerly await the commencement of the disbursement in January 2024, anticipating the positive impact it will have on their enterprises and, by extension, the overall economic landscape.
