President Bola Tinubu’s Government has made a promise to share N50,000 each to 1,300 small business owners in all Local Government Areas in the Country, stressing that N50 Billion will be utilized for the project.
FG N50,000 each to 1,300 small business owners in each of the 774 local governments across the country
To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, we are going to spend N75 Billion between July 2023 and March 2024, Tinubu said.
Our objective is to fund 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation and improve productivity. Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with a maximum of 60 months repayment for long term loans and 12 months for working capital.
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 N1million at 9% interest per annum and a repayment period of 36 months.
Many Nigerians will be asking when Federal would start sharing of this N50,000 each to 1,300 small business owners in each of the 774 local governments across the country
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