FG to Spend N75bn on 75 Businesses, Says Tinubu

 
To strengthen the manufacturing sector, increase its capacity to expand and create good paying jobs, the Federal Government will spend N75 billion between July 2023 and March 2024 on 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity.
 
Disclosing this in a national broadcast Monday evening, Tinubu said . each of the 75 manufacturing enterprises would be able to access N1 billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.
 
The President also 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.
 
“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.”
 
Speaking further Tinubu said, “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
 
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.”
 
He said already, the Federal Government was working closely with states and local governments to implement interventions that will cushion the pains of people across socio-economic brackets. He noted that earlier this month, he signed four  Executive Orders in keeping with his electoral promise to address unfriendly fiscal policies and multiple taxes that are stifling the business environment.
 
“These Executive Orders on suspension and deferred commencement of some taxes will provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand,” he said.