FG Unveils Date For Disbursement Of N75bn SMEs Palliative

The Vice President, Kashim Shettima, has announced the date to disburse the federal government’s N75 billion grant to small-scale businesses nationwide.

Senior Special Assistant to the President on Job Creation and MSMEs in the Office of the Vice President, Temitola Adekunle-Johnson, disclosed this in a statement on Tuesday.

According to him, the disbursement would commence in January 2024.

He added that the government and the Bank of Industry will leverage existing structures to carry out the disbursement to businesses.

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“The loans totalling about N75bn will be given to small businesses nationwide at an interest rate of 9 per cent. 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.

Recall that the Vice President vowed to fast-track the disbursement of the palliative to businesses in June.

As a result, President Bola Ahmed Tinubu announced N125 billion in funding for micro, small, and medium-sized enterprises, MSMEs, under his Presidential Palliative Loan Programme in July.

Accordingly, the government said N75 billion will be released to MSMEs across various sectors and N75 billion to manufacturers.