Vice President Kashim Shettima has revealed the anticipated release date for the Federal Government’s N75 billion grant aimed at supporting small-scale businesses across the nation. The disbursement, as disclosed by Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice President, is scheduled to commence in January 2024.
Adekunle-Johnson outlined that the disbursement process would be a collaborative effort between the government and the Bank of Industry, leveraging existing structures to ensure efficiency.
“The loans, totaling approximately N75 billion, will be extended to small businesses nationwide at a modest interest rate of 9 percent. The upward adjustment, as explained by the bank, aims to expand the reach of the loan scheme, positively impacting more livelihoods,” he emphasized.
This initiative follows the Vice President’s commitment in June to expedite the distribution of the palliative to businesses. Subsequently, in July, President Bola Ahmed Tinubu pledged a substantial funding of N125 billion for micro, small, and medium-sized enterprises (MSMEs) through his Presidential Palliative Loan Programme.
As part of this comprehensive program, the government has specified that N75 billion will be allocated to MSMEs operating across diverse sectors, while an additional N75 billion will be earmarked specifically for manufacturers.