Federal Govt Announces Date To Disburse N75bn Loans To MSMEs

The federal government under the leadership of President Ahmed Bola Tinubu has disclosed the date it would service the Micro, Small and Medium Enterprises (MSMEs) sector to disburse N75bn loans to the beneficiaries.

The disclosure was made by the Senior Special Assistant to the President on Job Creation and MSMEs, Mr Temitola Adekunle-Johnson, and Office of the Vice-President, in a statement released on December 19, 2023, in Abuja.

The Office of the Vice-President has teamed up with the Bank of Industry (BOI) to initiate the distribution of loans to the applicants who meet the requirements.

Recall that the federal government, recently, launched a portal for small and medium scale businesses to seek loans to cushion the effect of tough times on the masses.

Adekunle-Johnson described the exercise as a strategic steps by President Bola Tinubu’s to bolstering the transformation of the MSMEs landscape across the nation.

The loans, totaling approximately N75 billion, will be extended to small-scale businesses throughout the country at an interest rate of nine per cent.

The official emphasized that both the Federal Government and the Bank of Industry aim to utilize existing channels to disburse the loans, specifically targeting women and youths involved in entrepreneurial pursuits.

Furthermore, Adekunle-Johnson underscored the concerted efforts of Tinubu’s administration in collaboration with various stakeholders from the public and private sectors.

These collaborative endeavors have resulted in extensive support for MSMEs, encompassing grants and loan facilities which would commence January 2024.

He further stated, “Recently, the management of Access Bank Plc approved an upward review of its loan scheme for MSMEs from N30 billion to N50 billion. The upward review, according to the bank, is to increase the number of beneficiaries of the bank’s loan scheme and impact more livelihoods.”

This significant initiative seeks to fortify the backbone of the Nigerian economy by empowering small-scale businesses and fostering economic growth and stability across various sectors.

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