Vice President announces the new date of N75 billion in palliative funding for SMEs
Vice President announces the new date of N75 billion in palliative funding for SMEs
The date for the nationwide distribution of the N75 billion grant from the federal government to small enterprises has been announced by Vice President Kashim Shettima.
He stated that the payment would start in January 2024.
He continued by saying that the Bank of Industry and the government would use their current systems to provide funds to firms.
“Small businesses across the country would receive loans totaling about N75 billion at an interest rate of 9%. The bank said that the upward evaluation would affect more livelihoods and expand the number of people who are beneficiaries of the bank’s lending program.
According to the DAILY POST, in June, the Vicce President promised to expedite the palliative’s distribution to companies.
Consequently, in July, President Bola Ahmed Tinubu stated that his Presidential Palliative Loan Programme will provide N125 billion in finance for micro, small, and medium-sized firms, or MSMEs.
As a result, the government announced that N75 billion would be made available to manufacturers and N75 billion to MSMEs in a variety of industries.
