In an official statement on Tuesday, Temitola Adekunle-Johnson, Senior Special Assistant to the President on Job Creation and MSMEs, revealed that the disbursement of the eagerly awaited N75 billion grants for small-scale businesses nationwide is set to commence in January 2024.
The distribution process will be a collaborative effort between the government and the Bank of Industry, utilizing existing structures to ensure a smooth disbursement.
The statement emphasized that the loans, with a total value of N75 billion, will be extended to small businesses across the country at an interest rate of 9 percent. The move aims to expand the reach of the bank’s loan scheme and positively impact a greater number of livelihoods.
This development follows Vice President Shettima’s commitment in June to accelerate the distribution of economic palliatives to businesses.
Subsequently, in July, President Bola Ahmed Tinubu pledged N125 billion to support micro, small, and medium-sized enterprises (MSMEs) through the Presidential Palliative Loan Programme. As part of this initiative, N75 billion will be allocated to MSMEs in various sectors, while an additional N75 billion will be earmarked specifically for manufacturers.
