The Nigerian government through the Bank of Industry (BoI) has earmarked N200 billion naira for Small and Medium Enterprises (SMEs) as grant to ease suffering cause by the removal of fuel subsidy among Nigerians.
Bank of Industry Manager in charge of Sokoto and Zamfara states, Habiba Samaila Sambawa, stated this at a one sensitisation campaign organised for beneficiaries of the Presidential grants in Sokoto.
According to her, the funds was approved from the office of President Bola Ahmed Tinubu, and BoI would disburse the grant in three segments as manager and executer of the facility across the country.
“The first segment is N75 billion naira for low income earners and beneficiaries can access up to one million naira.
“And with new development today, Mr President also approved the review of the facility in this category where a beneficiary can access up N5 million naira.
“The second segment is also N75 billion naira for SMEs where a large company as beneficiary can get up to N1 billion naira,” the Manager said.
Habiba Sambawa further noted that the remaining N50 billion naira grants as the third segment, N40 billion have already being disbursed to over 800,000 beneficiaries across 774 local government areas in the country.
“N50,000 was given to Nano businesses, petty traders and artisan just to help them boost their trading and to also assist them extend their existing businesses and to protect them from total collapse,” she added.
She said the balance of N10 billion naira in the third segment is in the process of disbursement to beneficiaries.
Sambawa noted that in Sokoto the scheme have so far disbursed N1.2 bn to 2,500 beneficiaries across 23 local government areas of the state.
She commended President Bola Ahmed Tinubu for the Initiative which will go a long way in reducing suffering among citizens.
The State Manager urged the beneficiaries to use the funds judicially to expand their businesses also be employers of labour and promote socioeconomic development of the country.
“beneficiaries should be warned not think the loan is a national cake, the money is disbursed accordingly and Bo I would monitor the facility strictly through effective supply of raw materials and equipment for proper utilisation and mutual benefits,” She warned.
Some of the beneficiaries and participants of the awareness training lauds federal government for the presidential scheme which would directly impact and improve their living standard.
Olusola Akintonde
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