PRESIDENT Tinubu has revealed his administration’s plans to “energise” the sector with N125 billion, as part of its efforts to cushion the effects of the fuel subsidy removal.
Tinubu, who spoke in a pre-recorded address to Nigerians, reeled out palliative programmes for various economic sectors, including manufacturing, agriculture, and transportation.
On small businesses, he said, “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.”
The President added that, ultimately, the programme would 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,” he said.
