… Plans To ‘Energise’ SMEs Sector With N125bn
President Bola Tinubu stated on Monday during a nationwide broadcast that the country has saved over N1trn from petrol subsidy in two months while speaking generally on the economy and how the removal of subsidy has affected Nigerians
.“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.
“That money will now be used more directly and more beneficially for you and your families,” the former Lagos State governor said.
“For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money,” Tinubu added.
“Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.”
He also disclosed that his administration’s plans to “energise” the sector with N125 billion, as part of its efforts to cushion the effects of the fuel subsidy removal.
President Tinubu reeled out palliative programmes for various economic sectors, including manufacturing, agriculture, and transportation.
On small businesses, he 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.
The President added that, ultimately, the programme would 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,” he said.