Federal target to give N50,000 each to 1,300 nano business owners in each of the 774 LGA across the country.

Federal target to give N50,000 each to 1,300 nano business owners in each of the 774 LGA across the country. 

FG to spend N50 billion on Conditional Grant to 1 million nano businesses between July 2023 and March 2024. The target is to give N50,000 each to 1,300 nano business owners in each of the 774 LGA across the country. 

Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. 

Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

The defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.

To strengthen the manufacturing sector, we are going to spend N75 billion between July 2023 and March 2024. 

Our objective is to fund 75 enterprises with great potential to kick-start a sustainable economic growth, accelerate structural transformation and improve productivity. 

Each of the 75 manufacturing enterprises will be able to access N1 Billion credit at 9% per annum with maximum of 60 months repayment for long term loans and 12 months for working capital.

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.

We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. 

Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. 

We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers.

N200 billion out of the N500 billion approved by the NASS will be disbursed as FG:  

- N50 billion each to be invested to cultivate 150,000 hectares of rice & maize.

-N50 billion each will also be earmarked to cultivate 100,000 hectares of wheat & cassava.

We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. 

Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.

-President Bola Tinubu

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