FG Announces Date For Distributing ₦75 Billion SMEs Palliative

Vice President Kashim Shettima has disclosed the release date for the federal government’s ₦75 billion grant to small-scale businesses nationwide.

In a statement on Tuesday, Temitola Adekunle-Johnson, the Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice President, announced that the disbursement is scheduled to start in January 2024.

He further mentioned that the disbursement process would be conducted through the collaboration of the government and the Bank of Industry, utilizing pre-existing structures.

“The loans totalling about ₦75 billion will be given to small businesses nationwide at an interest rate of 9 percent. The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods,” he stated.

In June, the Vice President pledged to expedite the distribution of the palliative to businesses.

Consequently, President Bola Ahmed Tinubu declared a funding of ₦125 billion for micro, small, and medium-sized enterprises (MSMEs) through his Presidential Palliative Loan Programme in July.

As part of this initiative, the government specified that ₦75 billion would be allocated to MSMEs operating in diverse sectors, while another ₦75 billion would be earmarked for manufacturers.